Law Practice Management
How Much is a Delayed Start Date Worth? Latham: $75K, Lovells: $7K
Posted Mar 5, 2009 5:50 PM CST
By Martha Neil
As a growing number of law firms encourage incoming associates to push back their start dates, some firms also are offering cash to help cushion the financial blow. But exactly how much new attorneys can expect apparently varies considerably.
At Latham & Watkins, recent news of huge layoffs—and generous severance payments—also included word that the firm plans to pay $75,000 to associates who agree to delay their start dates until October 2010.
However, Lovells is paying only about $7,000 to those it is asking to volunteer to wait 12 months to start work, Legal Week reports today. Those who are willing to wait for six months to start get half that amount, under the firm's offer.
Law students are used to calculating the pros and cons of associate salaries and perks. But how should they determine whether it's worthwhile to kick back for a year before beginning a law firm career?
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Comments
B. McLeod
Mar 5, 2009 7:16 PM CST
Hey, if each of the Big Law firms would just send me the $7,000, I’ll promise to not start for any of them, ever. That’s just the kind of reasonable guy I am. And, to supplement my non-law income, I’ll not grow some farm crops.
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Mike
Mar 6, 2009 4:36 AM CST
Wow, delay until October 2010! That’s really bad news.
Or good news, that people believe in recovery at some point.
What are the associates expected to do during that gap year? Drive a cab?
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John
Mar 6, 2009 5:10 AM CST
To Mike, the Latham “hires” don’t need to do anything—they’re getting paid $75,000.
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tom
Mar 6, 2009 7:55 AM CST
Can we work at another firm until the new start date if we don’t have a written contract?
If we do, do we have to disclose to the firm when we start in October?
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