So far, firms that have deferred their 2009 summer associates to 2011 have been noncommittal about whether they will be giving a deferral stipend. Many class of 2009 graduates received money from firms for the year long wait. It’s not clear that class of 2010 graduates will be as lucky.
Shearman NY has announced deferral stipends of $65k.
After the jump, we compare Shearman to itself.
Shearman indirectly announced that it would be deferring its incoming class of 2010 in April. In the process of trying to encourage the class of 2009 to take a year-long deferral, the firm promised that the class of 2010 wouldn’t be starting on time.
Though Shearman hasn’t announced exactly how long it will deferring its incoming class, the $65K stipend certainly sounds like a year-long deferral.
Last year, the deferral option was voluntary. We’re not sure if the program is officially voluntary this year. But last year incoming associates who didn’t take the year long deferral were pushed back anyway. The earliest start date Shearman is offering for the class of 2009 is January, 25th 2010.
It is interesting that with the market still up in the air for the class of 2010, Shearman is being a leader. Few firms have committed to making payments to 2010 graduates who won’t be working until 2011.