Notwithstanding predictions of impending economic gloom or apocalyptic Mayan prophecies, 2012 brings some sort-of good news for incoming first-year associates: our survey findings show start dates have returned to pre-Recession timelines. We’re apparently (knock wood) past the days of first-years twisting in the wind with deferrals and rescinded offers. On the other hand, a majority of our survey respondents report that the size of the incoming first-year class has contracted significantly, with only 36% of you telling us that class sizes have returned to pre-Recession levels. For the full results of our survey, read on.
Since this afternoon’s big Dewey & LeBoeuf development, namely, the defection of Morton Pierce and seven other partners to White & Case, there has been some additional news. It concerns the timing of Dewey’s possible shutdown, a subject that has been the subject of much speculation lately.
One rumor had the firm closing its doors as early as tomorrow. Another suggested a date closer to Memorial Day. The truth may lie somewhere in between: according to sources cited by Am Law Daily (reg. req.), “Dewey is poised to close by May 15 and possibly sooner.”
(Also at Am Law, a very handy Dewey Departure Tracker. It lists each defector’s name, practice area, departure date, new firm, and location. It’s a great resource.)
The May 15 date makes some sense. As reported by Thomson Reuters News & Insight, on Monday the firm received a two-week extension from lenders for renegotiating its $100 million credit line. Assuming the parties can’t reach a new agreement, which seems like a good assumption right now, the new deadline would fall on or about May 15, the shutdown date mentioned by Am Law.
Compared to other outlets, we’ve been focusing a lot on the human side of the Dewey story. We’ve talked about the partners, including the particular partners who might be blamed for Dewey’s demise. We’ve talked about the staff, bringing you a paralegal’s lament.
Tonight let’s consider the fate of would-be Dewey associates, both full-time and summer associates, who now find themselves left in the lurch….
As usual, UPDATES — including one relating to support staff — after the jump.
Baker & McKenzie’s incoming class of 2009 can no longer fool themselves. If they haven’t started at the firm by now, they are never going to start.
Back in September, we reported that 12 of the 18 members of the 2009 Baker & McKenzie class still waiting to start had been re-deferred until June. At the time, Baker gave these people an ominous warning (emphasis added):
Starting in January, 5k stipend plus benefits for up to six months. at ANY time during six months, MAY get a call from b&m, have 1-2 weeks to report to work, but absent a major bump in work, not likely to happen. If after June, no call from b&m, “the relationship will end.”
Well, it’s June, and it appears that the relationship between Baker & McKenzie and 11 of the 12 re-deferred incoming associates has, in fact, ended…
In a couple of months, the class of 2012 will embark on its quest to find an elusive Biglaw summer associate gig. But let’s not forget that many in the class of 2009 are still sitting on the sidelines, waiting to start.
Most of McDermott Will & Emery’s 2009 class has started already. But last week a few of the stragglers received some bad news. A tipster reports:
Just a heads up, McDermott Will & Emery rescinded offers to most of their deferred 2009 graduates on Wednesday via a phone call.
We reached out to MWE, and their spokespersons strongly disagree with characterization that offers to “most” of the deferred associates were rescinded….
Incoming associates get really angry when firms rescind offers for full-time employment. As Lat said this afternoon here in the office, law students react “as if rescinding offers is like eating babies.” Incoming associates understand that the market remains tough, but these recruits still have harsh words for firms that pull offers.
We can understand the concern. Remember, during the NALP conference, Executive Director James Leipold said that he didn’t think Biglaw would be able to reabsorb all the people who have been displaced. It’s a bit like musical chairs — only if you aren’t in a seat when the music stops, you have to go into the back room and perform sexual favors for a debt-collector named Rocco.
And that’s how students feel when you rescind their offers in a timely manner. When you rescind offers at a late date … let’s just say we can incorporate all of the graphic imagery above, then add inappropriate scenes involving the mothers of rescinded offerees and goats. Recent graduates become unhinged when firms pull offers late in the season.
Well, in case some firms haven’t noticed, it’s getting pretty late in the season. Finals are upon 3Ls in some places; graduation is here in other places. People are preparing to study for the bar. This is no time for firms to get cold feet about offers relied upon in good faith.
So, we offer you this open thread. Let us know which firms are pulling offers as we head towards Memorial Day. We already know that there is some bad news for a few would-be incoming associates at Sonnenschein…
Things seem to be going relatively well at Chadbourne & Parke. Let’s review some recent developments.
Back in January, the firm announced sizable raises and bonuses. In the same month, the Chadbourne & Parke Foundation generously contributed $100,000 to Haiti relief efforts. More recently, the firm’s well-regarded project finance practice snagged some high-profile work relating to renewable / clean energy projects.
But perhaps things aren’t going well enough at C&P. Earlier this week, we heard rumblings of the firm rescinding offers to some of its deferred associates.
We reached out to the firm, which confirmed the news and provided some details.
Wildman Harrold has decided to give a majority of its incoming associates the Fox. Am Law Daily reports that the firm has rescinded offers to 10 of its 14 associates. Unlike Arent Fox, Wildman will not be giving its would-be incoming associates any stipend.
On the Wildman Harrold career page, they really like numbers. They evidently haven’t had a chance to update their summer associate page; they’re probably busy with fall recruiting. So I figured I’d give them a hand.
Wildman, by the numbers:
* 10 – Number of offers rescinded to class of 2009 associates (out of 14).
* 4 – Number of offers extended to 2009 summer associates (out of 17).
* 10 – Number of lawyers laid off in January 2009.
* 10 – Number of lawyers laid off in April 2009.
Wildman is a Chicago based firm. Yesterday, we told you that the Illinois bar results were out. You don’t think that Wildman rescinded offers right after the bar results came out do you? More details after the jump.