Sure, firms can try to dump their bad news on a summer Friday, but Above the Law is open 24/7.
Today, emails started going around to rising 2Ls who were seeking interviews with Loeb & Loeb’s New York office. They were not happy emails:
Thank you for your letter and resume inquiring about the possibility of employment at our firm.
In moving forward with our hiring efforts for the coming season and for the future, we have given a great deal of thought to the needs of the partners and associates in servicing our clients. In reviewing our client base and the matters that we are handling, we have come to the conclusion that in order to provide the level of sophistication and complexity required to service these clients, it will be necessary for us to recruit at a more senior level. We have reexamined our hiring efforts, and, in so doing, have determined to suspend the New York summer associate program for the foreseeable future. We intend to focus our hiring efforts on identifying associates with those levels of experience and practice specialties that will best enable us to meet the challenges of servicing our clients. If at any future time we feel that our needs and those of our clients would best be served by having a summer associate program, we will reinstate the program.
We very much appreciate your interest in Loeb & Loeb LLP and wish you every success in finding a satisfactory position.
Wow. That doesn’t even sound like the firm has decided to temporarily ratchet back recruiting because of the recession. “If at any future time we feel that our needs and those of our clients would best be served by having a summer associate program, we will reinstate the program,” sounds a lot more like the firm’s New York office has decided to totally dispense with the notion of hiring summers, indefinitely.
Is this a small glimpse of the future? The class of 2012 better hope not. Earlier: Prior ATL coverage of Canceled Summer Programs — 2010
The firms might not be particularly well known, but every time a firm cancels its summer associate program, a 2L angel loses his wings.
Tipsters report that the Pittsburgh-based firm Eckert Seamans let people know it was canceling its 2010 summer program on its website:
The firm is not actively recruiting law students at this time.
The firm did not respond to our request for immediate comment. But sources report that interested 2Ls shouldn’t waste the time sending in a resume.
After the jump, let’s check in with Howard Rice.
The number of law firms canceling their 2010 summer associate programs continues to climb. Here are the latest additions to the growing list:
1. McCarter & English: Managing partner Eric Wiechmann confirmed to ATL that the firm will not be holding a summer associate program in 2010. In addition, he confirmed that incoming associates won’t be starting until December 1, 2009 (which, all things considered, is pretty good).
(Before some of you say you’ve never heard of McCarter, please note that it’s one of the largest firms in New Jersey — a sizable legal market. In addition to its main office in Newark, the firm also has offices in Boston, Hartford, Stamford, New York City, Philadelphia and Wilmington. Recently it made news by hiring Harley Lewin, a leading IP lawyer and trademark guardian, from Greenberg Traurig.)
2. McGuire Woods: This is a firm that needs no introduction. It’s quite sizable, with 900 lawyers across 18 offices worldwide, and it’s #61 on the Am Law 100 list.
A spokesperson for McGuire Woods confirmed what we’ve heard from various law student tipsters: the firm is “likely to reduce the number of offices in which we have our summer programs.” It has not, however, made a final decision on which offices won’t be hosting summers. (One reader predicts the firm won’t have summer associates outside of Richmond, Charlotte, and Chicago.)
But there’s some additional interesting backstory here.
It’s going to be California dreaming for second-year law students hoping to work in the Golden State next summer. Pillsbury Winthrop Shaw Pittman became the latest firm to curtail summer hiring, confirming Thursday it likely won’t host any summer associates in its West Coast offices in 2010.
Pillsbury was recently named a top law firm for women. But if you’re a woman in the class of 2011, getting a job at Pillsbury just got a lot harder.
The move wasn’t a surprise to some. Earlier this week, an ATL reader who bid on Pillsbury for OCI received this message from career services:
Pillsbury Winthrop Shaw Pittman LLP is now focusing their recruiting on their East Coast offices and would like to know if you are interested in the NY or DC offices. In fact, it now looks like they may not have any summer programs in California. If you are considering the east coast, please email me immediately and specify the location(s) of interest (NY &/or DC).
According to the Daily Journal, Pillsbury plans to hire 15 to 17 summer associates to work in its New York, Washington, and Houston offices. This is a sharp drop from the 50 summer associates it hosted nationwide in 2009. (As for those summer associates, they’ll be hearing about offers by the end of August.)
So what’s behind the sharp reduction in summer associates?
The latest Biglaw trend, as the recession rolls on: canceling summer associate programs. Thus far, to the best of our knowledge, only a handful of firms have canceled their summer programs. But we believe that (1) additional firms have already done so but are keeping quiet about it, and (2) more firms will announce cancellations in the weeks ahead, as we approach fall recruiting season.
We’re aware of two new firms that have canceled their summer programs for 2010, in whole or in part. First, Dorsey & Whitney will not be hosting summer associate programs in cities other than Minneapolis. From a firm spokesperson:
Dorsey & Whitney has determined to suspend summer programs in our offices outside Minneapolis in 2010. This action is not an expense reduction measure. Rather, we plan to meet our clients’ needs through the services of our current associates, our new associates starting in the fall and future associates from our summer classes.
Thank you for your interest in Quarles & Brady LLP. At this time we are not currently accepting applications for the 2010 Summer Associate Program. Due to the changing economic environment, and our commitment to our 2009 entry-level associates who will be joining the firm in January 2010, the firm has decided to suspend the 2010 Summer Associate Program. Quarles & Brady remains committed to law school recruiting and entry-level hiring, and we hope you will consider applying in the future.
We wish you the very best this recruiting season!
Readers, what do you think of firms canceling summer programs? Let’s discuss.
While there seems to be some good news for rising 3Ls, there is more bad news for rising 2Ls. Seyfarth Shaw is the latest firm to cancel its 2010 summer program. Here’s the news from an email that went out to associates earlier today:
[T]he Executive Committee has made the decision to not host a summer associate program in 2010. By taking a break from hosting a summer program in 2010, it will allow us to effectively integrate those associates who already are set to start or participating in this year’s summer program. It also will help us get back on a more typical schedule of first-year hiring. This is not a decision to cease hiring from law schools, nor is it a decision to permanently cease a summer program. It is, however, a decision to pause for a year.
For people who have been paying attention to Seyfarth Shaw, today’s news isn’t all that surprising. More details after the jump.
If some law firms are not willing to invite members of the class of 2010 to work for them over the summer, why should banks?
We just received word that Citigroup has decided to cancel its 2010 Summer Program for 2L summer associates. A tipster sent us this email that students at Penn Law School received this morning:
I regret to inform you that Citigroup is not having a summer class for the Summer of 2010 and has cancelled all of it on campus interviews. Your bid will not be lost as we will consolidate it before we process the interview schedules. I apologize for any inconvenience this cancellation may cause you. Please do not hesitate to contact me if you need further assistance.
All the best,
Did you know that Citigroup got legal talent fresh off of the law school tree? Well, they don’t anymore.
Let’s look at what the program used to be after the jump.
According to a well placed source, Milbank has decided to cancel its 2010 summer program for its Los Angeles office.
We understand that the firm will still be inviting summer associates to join them in New York and Washington, D.C. The firm did not respond to our immediate request for comment.
According to NALP, there are 83 lawyers at Milbank, L.A. We don’t know if that number has been updated since the firm laid of 49 attorneys (and 40 staff) back in May. In the past, the L.A. office has employed around 10 summers per year.
From a certain point of view, canceling at least a portion of the summer program could be the honorable thing for Milbank to do. A number of first years were let go in Milbank’s latest round of layoffs. At least the firm isn’t throwing away perfectly good fruit and then heading right back out to the grove.
Of course, the class of 2011 isn’t really concerned with how laid-off attorneys feel right now. The Milbank news is just another indication that things are going to be very difficult for 2Ls this fall. Earlier: Nationwide Layoff Watch: 89 Down at Milbank Milbank Layoffs Follow-Up Ballard Spahr And Thompson Hine Cancel Their 2010 Summer Programs Morgan Lewis Cancels 2010 Summer Program
Just last week, Ballard Spahr was sending around inspirational messages to its associates. Today, the firm has decided to cancel its 2010 Summer Program. Thompson Hine has also decided to cancel its 2010 Summer Program. If nothing else the move should give Rogue Associate an opportunity to comment.
It’s one thing to cancel your entire summer program. But what is surprising about Ballard Spahr and Thompson Hine is that the firms did not make any formal, official announcement about the decision. Instead, students learned the information from their respective law school recruiting offices. Update (1:04): Now Squire Sanders is also canceling its 2010 Summer Program. More details after the jump.
Here’s the Ballard Spahr “announcement” (via Penn Law School):
As we near the close of bidding, we wanted to provide you with an update on schedule changes that we received so far today.
Akin Gump went from 40 interview slots in NYC and 40 interview slots in DC to 20 interview slots in NYC and 20 interview slots in DC.
Paul Weiss went from 80 interview slots to 60 interview slots.
Ballard Spahr will not have a 2010 summer program and, as such, has canceled on campus interviews.
All of this information is updated in Symplicity. Please note that we will continue to provide you with updates as is feasible. However, it may not be possible for us to email you with all changes so please be sure to check Symplicity before bidding closes tomorrow, July 21st at 11:59 p.m.
After the jump, we see that Duke students were the first to learn about the Thompson Hine cancellation.
Morgan Lewis Chairman Fran Milone just finished a video conference with all associates and staff at Morgan, Lewis & Bockius. And he unleashed some big news. Morgan Lewis is making some major changes in response to the continuing economic recession. Here are the top bullet points:
* Eliminating lockstep compensation for 2010.
* Canceling on-campus interviewing during the fall of 2009.
* Canceling the 2010 Summer Associate Program.
* Pushing back the start dates of current summer associates to 2011.
The firm has already communicated their decision to law schools who had expected to host MLB interviewers this fall.
After the jump, Mr. Milone offers a brief statement about these decisions.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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