Shearman & Sterling Deferral Stipend
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.
With the market still up in the air, Shearman & Sterling is giving its incoming class of 2010 the same offer it gave to its incoming class of 2009. A tipster reports:
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.
Earlier: Shearman & Sterling Offers Voluntary Year-Long Deferral to All Associates
Shearman & Sterling Start Date Watch: You Better Hurry
(59) Comments
Comments
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Mystal is the WALRUS!
Mission Accomplished!
A good deal of firms that ran programs paying someone $X to work for a year in public interest are repeating those programs for 09 SAs deferred until Fall 2011
Shearman is a smart, funny, kind firm, deeply devoted to its clients, to its community, and to exploring, understanding, and ultimately improving the world around it.
Brian Schroeder's Mom
Mystal,
This morning while I was prying the soiled toilet paper from last night's asshattering aftermath of my mexican-food dinner I thought of you.
<3
Many kids while cry and whine that $65K is not enough for sitting out a year while their skill set rusts. Here is a bitter pill for these kids to swallow. You have no skills; thus, the only thing that will rust is your soul. Take the $65K as walkaway money and move to Thailand or somewhere in South East Asia. The alternative is to hang a shingle and compete with thousands of your worthless colleagues that will be engaged in cutthroat competition to undercut you. Either way, you are done in this profession. Blue collar workers like Ronny the doorman or Raul the driver, will look down on you as they will earn more an live a better life than most of you. That is all.
I really wan to see the Kash beaver pic.
Plebeians: if you fail in the workforce, it is because you failed to work sufficiently hard.
Incidentally, I have an outstanding offer from my Father's preeminent peer law firm--and it is only because I am a hard worker.
I think this is great. It gives everyone the chance to relax, take a vacation, etc.
Emeritus, this is the last time I'm going to ask you, DO YOU BELIEVE IN THE VIRGIN MARY? You'd best square yourself away and start shitting me tiffany cufflinks, or I will fuck you up!
These grads go to '11.
Jake, come on. Something more clever please. Your schtick was funny initially. But I really do expect more from you, especially considering your pedigree. Speaking of which, where the hell has your douchetastic father been of late?
哈哈哈哈哈，你大爷的
Cravath set the market for 2010 deferrals months ago...
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I worry about those firms who haven't announced deferrals--that just means they'll lay off a lot of their current associates to make room for their incoming classes.
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17, hahaha, ni ma.de!
Billy Mays here to introduce my latest product, WALRUSAWAY. Just one spritz in the air and WALRUSAWAY will do the rest. No more fat, race bating walruses ruining your day.
Getting paid 65k to do nothing is pretty awesome if ask me. Take the money, take it easy.
16=fail; see 10
10 - $65K ($45K after taxes) is enough to keep you going in Thailand/Laos/Cambodia/Vietnam/Indonesia, maybe even Malaysia for about 4 years (living simply, supplementing your cash with income from teaching English, working as bouncer/host-hostess in clubs - Americans very popular for this). I know, I have done it. On less to start with. Besides, the debt collectors can't reach you there for student loans.
Wo ai ni!
11
I've seen the Kash beavershot pic and it's worth a look. But like someone else said, if you saw the Lindsay Lohan beavershot, you won't be seeing anything new with the Kash beavershot (other than a different angle and Kash's face).
KASHBEAVER is cameltoe heaven!
ShaFeef
David,
I'm very confused. Why doesn't this firm just pay these grads the $65,000 to work there in 2010? Why pay them to just sit around? In other words, as Marty asked in the rockumentary, why not just have '10 be the number?
Nigel
@23 - You are correct. I stopped reading 10 after the typo in the third word. I thought it was that silly PE imposter that I cannot stand. But Jake, you are still LAME until you come up with something more clever. And 23, fuck you.
-16
NJ Bar results......coming out on 11/9 at 4 p.m. Can't wait to see if I passed so I can be another unemployed attorney after my clerkship is over.
Good point, Nigel, but it's not the Shearman Managing Partner's job to be as clear-headed and logical as you are, is it?
Shearman missed a chance to Tap into a readily apparent HR solution.
CRAVATH WAS THE MARKET LEADER ELIE! THEY ANNOUNCED BACK IN JUNE! AND THEY ANNOUNCED A BETTER DEAL!
When are you young attorneys going to accept your fate. Bend over and enjoy, because an ass fucking is all you're going to get.
What I don't really understand is why they even made offers to the class of 2010, if the class of 2009 is not starting until 2010, and more than likely will get rescinded or laid off shortly thereafter anyway.
I am pounding my secretary in her ass right now as I type this on my Blackberry Storm!
HUBBINS SUCKS
DIE HUBBINS.
The deferral is mandatory and the latest we will start is Oct. 31 20011.
The best part about it is that they don't care what we do and unlike Cravath, we don't have to tell them what we are doing unless we want to earn class credit for what we did. The memo literally said we were free to pursue hobbies/ athletic pursuits.
Shearman takes a lot of crap on this site, but with a near 100% SA offer rate and a deferal program with unconditional money, they deserve credit for doing right by their summers unlike so many other firms.
Suck my ass, Mystal, you obese, race bating, white baby eating, WALRUS!
edit: *2011*
-38
Damn straight, 38. Most everyone I know got no-offered, or is taking a deferral with heavy strings attached (you have to do a certain kind of work, there's no hint of what the pay will be for that year, etc.). Shearman never made a secret of the fact that 2009 SAs would probably be deferred, and now they're doing the best they can to make it as painless as possible. It always sucks to fall behind a year in experience/pay, but if you have to get deferred, this is the way to do it.
what happens if you take the 65K, work somewhere else for a year, and then decide not to go to Shearman? Are they going to ask you to pay it back?
Quality move by Shearman. Clearly they are making inroads from the 2001 fiasco.
Just don't screw over this class!
42 - No, they are actually hoping you go away.
As far as I can tell there are literally no strings attached. I could literally go work for another law firm and still get the money. The language made it seem like that there is no need to come back to the firm if you do not want to after a year, but how many people are going to do that?
how much did shearman ny give 2009 grads ? anyone know?
also, which firm gave the highest stipend to 2009 grads?
thanks!
This is fantastic news. The ship be rising?
what have other firms done?
first!
This is a garbage firm.
10 is the comment of the day.
HILARIOUS!
Yet another severance package cloaked in the appearance of a deferral stipend.
This firm peaked in the late 1990s. Pure TTT these days.
When will these stupid law firms get their acts together and lower billing rates?
I was so happy when I heard the news. Now I get a $65,000 *** ON TOP *** of my trust fund income! I'm going to donate 10% of the stipend to United Way.
This is pretty sweet. I wonder what they will do for those of us who have decided to pursue an extra degree or obtain a clerkship for that year.
S&S just became my favorite shitty firm that was so poorly managed to defer start dates
Getting paid 65k to do absolutely nothing for a year is awesome
Being a client paying people 65k to do nothing is sickening.
But it's not nothing, right? We're paying for Shearman to have a crack at the top talent in that class who will be sticking around doing things for the firm in 10 years, who otherwise would have been somewhere else and replaced by lessor talent. That's an investment worth a 65k each gamble! I feel great paying fees for my case that should be long settled by then. While they're at it, I hope they invest in space tourism, because one day they could really make money on that!