Law Practice Management
Stroock Deferral Options for New Grads: $50K to Delay, $75K to Go Away
Posted May 1, 2009 3:14 PM CST
By Martha Neil
In an innovative approach to the problem of too many lawyers and too little work, Stroock & Stroock & Lavan is offering multiple deferral options to its incoming class of fall associates.
A letter sent on Tuesday by the firm to graduating law students previously offered jobs as Stroock associates flatly states that their start date will now be Jan. 11, 2010 instead of this fall. But for those willing to wait a year and start in January 2011, the firm is offering $50,000. And for those who decide by July 1 to pursue other employment instead of working for Stroock, the firm is offering $75,000.
A copy of the letter, which was also provided by Stroock to the ABA Journal, is posted on Above the Law.
Related coverage:
ABAJournal.com: "To Defer or Not to Defer? Like a Day Off, Late Job Start May Not Be a Career Plus"
ABAJournal.com: "Too Many Lawyers, Too Little Work: More Layoffs Are Likely, Expert Says"
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Comments
B. McLeod
May 1, 2009 3:28 PM CST
Another Stroock of genius!
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deb
May 2, 2009 6:40 AM CST
Take the 75k,pay down loans and call it a day!
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bg
May 2, 2009 12:34 PM CST
$75 is more than they are likely to make in most other jobs. And it makes a nice cushion while trying to find another job, provided you use it conservatively. Take it and look for another job. Then, if they are still dying to work for big law, make the jump as a lateral when they start hiring again. Either option can leave you well off, especially if you decide to live somewhere cheaper than the NYC area. The bad part of the announcement is that what would normally be the bar stipend has been deferred to September.
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NHJ
May 3, 2009 8:20 AM CST
Take the money. There is a good chance that if you hold on for the Jan 2010 start date that the job will not be there.
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