Fish Firm Defers 1/3 of Incoming Class, Tells 1/3 More to Look for Another Job

After layoffs earlier this month of 35 attorneys and 85 staff, a major intellectual property boutique is now extending the pain to its incoming class of new associates.

About one third of its incoming first-years will start on time this fall, Fish & Richardson tells Above the Law in a written statement. But the 500-attorney firm is deferring the start date for the rest of the class to October 2010.

And, among the deferred group, there is both good news and bad news: "About half" will be paid a stipend of $5,000 a month, for 12 months, plus health insurance reimbursement, while they are waiting to begin work at Fish & Richardson. The other half will receive the same compensation for six months. However, the latter group is also being told to look for other work.

"Given current economic conditions, it is unlikely that we will have a position for them next fall, and we have advised them to seek other opportunities," the statement explains.

Earlier coverage:

ABAJournal.com: "Fish & Richardson Lays Off 120"