Deferral Stipend, Start Dates

Katten Revokes Some, Defers Others, and Allows Few To Start On Time

By  
on

Katten Muchin is using every tool in the box when it comes to figuring out what to do with its incoming associates. If there is a plan for dealing with soon-to-be first years that has been discussed on Above the Law, Katten is using it.
A tipster reports that Katten has broken up its first year class into three groups:

Katten Muchin Rosenman rescinded several offers to 2008 summer associates today. From what I’ve heard about 1/3 were rescinded, 1/3 were re-deferred to October, and 1/3 will start in February as scheduled.

Essentially, Katten just turned itself into Alec Baldwin in Glengarry Glen Ross: “As you all know, first prize is a Cadillac Eldorado. Anybody want to see second prize? Second prize is a set of steak knives. Third prize is you’re fired.”
Let’s talk some more about the third prize after the jump.


This news has to be particularly frustrating for incoming Katten associates. Just last month, Katten announced that it was allowing some of its associates to start earlier than expected. Even if you weren’t asked to start early, that news had to make incoming associates feel that their offers were safe.
Sources report that 13 associates had their offers revoked by the Katten. But those associates won’t be going away empty handed. According to one tipster:

Just got my offer rescinded from katten. Thirteen firmwide. Fifty k to go away.

Just to be clear, the $50,000 payment should not be confused with the “go away money” offered by firms like Stroock or Pillsbury. Those firms offered a voluntary option for incoming associates to leave the firm in exchange for a payment. In contrast, Katten is following the example of Arent Fox — which gave $20,000 to the people it revoked.
Spokespeople for Katten did not respond to our request for comment, so we don’t know what factors Katten considered when it split up its incoming class. But given that the firm split the class into three groups, it probably doesn’t look very good for the associates that had their offers revoked outright.
Does having an offer extended and then revoked look better or worse than being laid off? Hopefully these would-be Katten associates won’t get shut out of Biglaw.
Good luck, Katten friends.
Earlier: Good News Watch: Katten Moves Start Dates Up
Incoming Associates, Some of You Aren’t Going to Be Working at Arent Fox

Sponsored

Topics