|
|
 |
|
July 29, 2010 |
|
|
|
|
| |
|
|
| June 24, 2009 |
By: Rachel Breitman |
|
hile many law firms say “better late than never,” when it comes to associate start dates, the most profitable U.S. firms don’t agree. The top 10 firms in profits per partner have largely avoided using deferrals to deal with a potential overstaffing crunch this fall.
Exceptions include Cravath Swaine & Moore, which announced that it would pay $80,000 plus health coverage and loan repayment stipends to new associates who take optional yearlong deferrals and start in 2010. New hires from Cravath’s current summer associate class will have to take mandatory yearlong leaves with a $65,000 stipend before starting in 2011.
Cravath follows in the footsteps of Simpson Thacher & Bartlett, which introduced an optional public-service fellowship in February for yearlong deferrals, paying $60,000 plus health insurance. The only top 10 firm that is making deferrals mandatory this year is Schulte Roth & Zabel, which is requiring all new associates to start in 2010.
But the rest of the top 10 most profitable partnerships are taking a different path. Wachtell Lipton Rosen and Katz, Quinn Emanuel Urquhart Oliver & Hedges, Boies Schiller & Flexner, Sullivan & Cromwell, Paul Weiss Rifkind Wharton & Garrison, Kirkland & Ellis and Cleary Gottlieb Steen & Hamilton are starting all of their associates next fall as originally scheduled.
“Our start date is and has always been September for new associates,” said a spokesperson for Paul Weiss. “There will be no optional deferrals.” With clients like Citigroup and American International Group, the New York-based firm’s active litigation practice will likely help keep the 86 new associates sufficiently busy.
Similarly, Quinn Emanuel will start all associates on time. In fact, the firm said they can begin any time after they take the bar exam. Cleary and Wachtell associates will have staggered start dates this fall as usual. Kirkland and Sullivan & Cromwell will start all associates in November.
When it comes to the top-grossing firms, the number of firms avoiding deferrals is far smaller.
Of the top 10 firms by revenue based on a survey by American Lawyer, a Daily Business Review affiliate, only Jones Day and Kirkland & Ellis will be starting all associates on time. Skadden Arps Slate Meagher & Flom, Latham & Watkins and Sidley Austin have offered optional, paid yearlong leaves. Baker & McKenzie, White & Case, Mayer Brown and Greenberg Traurig have pushed back start dates until various dates in 2010.
“We will be starting all 152 associates in November and are not deferring associates or offering a stipend for a year of nonprofit work,” said a Kirkland spokesperson.
For Jones Day, which ranked fourth in gross revenue, the decision to keep all associates on track is based on a desire to train the incoming class together as a single group. The firm, which has been engaged in bankruptcy work for Chrysler Group and in litigation for Lehman Brothers Holdings, will start all 154 new associates Oct. 26.
Rachel Breitman reports for The American Lawyer, an Incisive Media affiliate of the Daily Business Review.
|
Search the archive for more stories.
|
|
|
 |
|
lawjobs Featured Ad
Associate
Dynamic, multi-practice law firm seeks associate with 1-2 years exp. for litigation in workers' comp. department; excellent salary and benefits.
Please fax resume to
(954) 938-7902 |
|
|
|
|
|
|
