Summer programs at many firms are shorter this year than last year. That means the summer is over at a lot of places, and summer associates are starting to learn their fates.
So far, there is some surprising news. Summers are getting offers. Many people have reported that their firm has given full, 100% offers to 2009 summer associates. Summers at Sullivan & Cromwell and Davis Polk are just some of the people reporting good news:
Davis Polk & Wardwell and Sullivan & Cromwell have extended offers to all of their summer associates.
Update (12:35): Additional tipsters inform us that Davis Polk has only given 100% offers to the summers that have already left. That is about half of the summer associates. The rest of the SAs leave on Friday, so we’ll see.
We also have received word that Cravath is making 100% offers.
After the jump, let’s look at a few more firms that we believe are making full offers to this year’s summer associates.
The news coming in from this year’s summer associates is in stark contrast to what was happening around this time last year. Last fall, many firms reported offer rates around 90%, and some firms had much lower rates.
But this year, check out this glowing report about Weil Gotshal and Cahill Gordon:
For the sake of all the rising 3Ls, myself included, who have recently completed summer associate programs, could you please post some good news about the close-to-100% offer rates at some biglaw firms? … [P]erhaps some news about firms with close-to-100% offer rates this summer will make other firms feel like they will suffer in future recruiting if they have a substantially lower offer rate, even 90-95%.
The New York offices of Weil Gotshal and Cahill Gordon, in keeping with the Ropes & Gray precedent, have each had a close-to-100% offer rate, meaning that only a few outliers from each firm have been no offered, if any. Any rising 3L who worked at either of these offices knows this.
Obviously, our list is incomplete. What other firms are giving out offers to all (or mostly all) of their summer associates?
Could this be a signal that Biglaw is finally righting the ship? Have firms finally adjusted to the soft economy and the low rate of associate attrition? Firms are scaling back on recruiting, and some are still looking at salary cuts.
But we could be getting back to the point where if you are lucky enough to get a Biglaw job, you might just be lucky enough to keep it.
Earlier: Open Thread: It’s Going to be an Interesting Summer