We’ve received tips, texts, and phone calls about Blank Rome. As spring hurtles towards summer, the firm is letting incoming associates know that they won’t be starting any time soon. A tipster reports the firm is “rescinding” offers, but that’s not technically correct:
I just heard from a friend that Blank Rome has rescinded offers to Blank Rome 2009 associates … It’s pretty awful that a firm waited this long to finally rescind offers to its 2009 associates–and the legal gossip market ought to know about it.
Actually, the firm is not rescinding offers, it’s merely extending the deferral period for a few incoming first year associates. Indefinitely. With no expectation that the job offer will ever result in a job. And no stipend.
Yeah, I think the indefinitely deferred associates will get the point…
Over a year ago, Skadden announced its Sidebar Plus program. Skadden gave associates the option to take a one-year deferral, for one-third of their Skadden salary.
All indications suggest that the program was a huge success. Skadden received so many volunteers that it had to turn some people away. Skadden associates received varied and interesting experiences during their year off. And the program was heralded in the mainstream media.
Skadden associates are set to return to the firm in May. After being away from the firm for a year, what status will these returning Sidebar associates have upon their return?
Last month, we learned that deferred lawyers got along pretty well with their temporary public interest colleagues in New York. Yesterday, the Chicago Tribune reported that public interest organizations were more than happy to have temporary talent who had their Biglaw dreams deferred for a year:
The opposite ends of Chicago’s legal profession found a way to come together out of economic necessity to partially consume the supply of highly educated young lawyers looking for work. Despite several challenges, the unusual experiment has paid dividends. It also has sparked discussions of whether a more permanent model of apprenticeships can be developed that would train law-school graduates at a lower cost and benefit public-interest legal organizations that are suffering from funding constraints while attending to a greater need because of the recession.
“We absolutely would do it again,” said Robert Acton, executive director of Cabrini Green Legal Aid, or CGLA. “It would be a very generous act on the part of law firms.”
Permanent charity from law firms? Don’t bet on it. We’ve already seen evidence that the generous deferral stipends extended to the class of 2009 are being scaled back for the class of 2010.
And really, we shouldn’t expect major American businesses like law firms to be all that charitable. It’s one thing for a firm to encourage its attorneys to take on some pro-bono cases, but really isn’t it the job of law schools to — you know — invest the resources necessary to train young lawyers?
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
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The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
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