Deferral Stipend, Start Dates

Shearman & Sterling Belatedly Sets Start Dates for Deferred Class of 2009

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Shearman & Sterling is setting off some fireworks at the start of this Fourth of July weekend. It sent out a memo this morning to its deferred associates from 2009. (Remember them? They got $65,000 last year if they volunteered to go away until September 2010.)

The deferred associates expected a letter two months ago telling them about their practice groups and start dates, as well as $15,000 salary advance checks starting on June 15th. Those dates passed with no information or money. Today, the firm finally contacted them.

It has announced the start dates for these folks and they’re not in 2010. A Shearman tipster sent along the memo noting:

Here is the text from the just received memo that is f***ing me over… I am so pissed that I can’t really talk about it right now.

So what’s the deal?

Several firms deferred associates until January 2011 initially, while other firms like Shearman deferred into the fall of 2010. (Correction: A member of the deferred class clarifies, “The original memo about the deferral program back in 2009 never said “September” or “fall” 2010. It was just heavily implied.”) Now Shearman has changed its mind, saying in the memo:

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We have set Monday, January 31, 2011, Monday, February 7, 2011 and Monday, February 14, 2011 as your start dates. Although the economy is improving and we are encouraged by current activity levels at the firm, we believe that these dates will be the most conducive to providing you with the quality and breadth of work that we feel is necessary to properly train new associates.

Hurry! First come, first served:

If any of the three dates is oversubscribed, we will give preference to those whose completed form is returned first.

As for the $15K salary advance that associates thought was coming on June 15th:

You will be receiving a letter from us in the coming months with information regarding the firm’s relocation policy, practice group preference sheets, information regarding a salary advance and other information relevant to your start at the firm.

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Well, at least they have jobs and know when they’re starting. As for Shearman’s deferred class of 2010, judging from precedent, they should probably be thinking about how to spend their time until 2012.

SHEARMAN & STERLING MEMORANDUM TO CLASS OF 2010 ENTRY LEVEL ASSOCIATES

Memorandum To: Class of 2010 Entry Level Associates

We have set Monday, January 31, 2011, Monday, February 7, 2011 and Monday, February 14, 2011 as your start dates. Although the economy is improving and we are encouraged by current activity levels at the firm, we believe that these dates will be the most conducive to providing you with the quality and breadth of work that we feel is necessary to properly train new associates.

Please complete the attached Start Date Preference Sheet and return it to Rebecca May, as noted on the sheet, by August 31, 2010 either by mail, fax or e-mail PDF. If any of the three dates is oversubscribed, we will give preference to those whose completed form is returned first.

You will be receiving a letter from us in the coming months with information regarding the firm’s relocation policy, practice group preference sheets, information regarding a salary advance and other information relevant to your start at the firm.

The firm is very appreciative of your willingness to defer your start date and we are looking forward to you joining the firm.

If you have any questions about any of the above information, please feel free to call or email us or Rebecca May.

Azam H. Aziz
Co-Chair Associate Development Committee

Lona Nallengara
Co-Chair Associate Development Committee

Earlier: Shearman & Sterling Pushes Back Start Dates: Class of ‘09 v. ‘10 Can Now Begin Fighting In Earnest
Shearman & Sterling Offers Voluntary Year-Long Deferral to All Associates
Shearman & Sterling Deferral Stipend

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