Wall Street’s hurting, so being a corporate lawyer doesn’t suck so bad anymore (relative to being an i-banker). So more big law firm associates aren’t quitting to pursue the big money.
Which means that big law firms like Cravath have way too many associates. Which means that future Cravath associates will now get to take that world tour they’ve always wanted to take and get paid $80,000 to do it.
Bloomberg: Cravath, Swaine & Moore LLP, the fifth-most profitable U.S. law firm, is offering $80,000 to incoming lawyers to defer their starting dates for a year, according to an internal memo obtained by Bloomberg News.
Cravath, whose clients include Citigroup Inc., Time Warner Inc. and Johnson & Johnson, also is requiring current summer associates who are offered full-time jobs to accept $65,000 to wait a year instead of starting in October 2010. The delayed start date for lawyers scheduled to begin work this year at the New York-based firm is optional.
“While the firm’s level of work is at or near its level before the continuing economic decline, there are many more associates at the firm today than our plans anticipated,” Cravath said in the memo to associates today. “The poor economy and the disruption at many financial institutions have reduced the rate at which our associates have left.”