The Fifth Third Bank of Cincinnati is a Fortune 500 company with about 18,000 employees. The bank doesn't hire in-house attorneys right out of law school—until now.

Chief legal officer Susan Zaunbrecher said she decided to try something new.

Rather than accepting a summer intern from the University of Cincinnati College of Law, Zaunbrecher collaborated with the school to shape a two-year fellowship program offering a more meaningful experience. She used the program to hire two recent graduates who hadn't landed jobs yet.

Zaunbrecher told Corporate Counsel Tuesday the two have "just dug in and are taking advantage of the opportunity" to learn what it means to be an in-house counsel.

She said her legal department typically doesn't hire young attorneys and usually prefers experienced laterals plucked from law firms or other banks. But the two fellowships gave her a chance to try something diverse.

"Everybody at Fifth Third has gotten behind this," she said, "including the chief inclusion officer. My thought is after the two-year program we could hire them if we have openings, or they will have a fantastic resume builder."

Zaunbrecher, who is a UC law school alumna, said the young lawyers have brought a certain excitement to the legal team with their infectious energy and desire to learn.

Law school dean Verna Williams said the in-house fellowship is part of "increasing our collaboration with corporations and financial institutions. We recognize that we are located in a place that has more corporations per capita than any other place in the country, even New York. So we want to up our game and expose students to those opportunities."

Williams said she views the fellowships as being like clerkships with top judges. "The graduate gets incredible hands-on experience handling complicated matters," she said.

She added there is not necessarily an expectation of being hired permanently at a company, but of gaining enough valuable experience that the lawyer can move easily into another legal department or law firm.

Mina Jefferson, associate dean and director of the law school's Center for Professional Development, worked with Zaunbrecher to shape the program. She said the fellowship pays a competitive entry-level salary while offering mentoring by seasoned attorneys.

The bank asked the two graduates, Zahki Davis and Marissa Lee, about their legal interests and was able to place them in their areas of choice. Davis is working in mergers and acquisitions, while Lee is in regulatory affairs and compliance.

"This experience will jump-start their careers," Jefferson said.

She said the school is about to announce that the Cincinnati Children's Hospital Medical Center has agreed to hire another new graduate on a fellowship. The student, Elizabeth Fox, had expressed a special interest in compliance and health care, Jefferson said.

Jefferson worked with hospital general counsel Elizabeth Stautberg to fit the right student to the right job. Stautberg was out of the office Tuesday and unavailable for comment.

Fifth Third's Zaunbrecher thinks other corporations should try it. "I challenge other companies to do it," she said.

"I think there are lots of companies that could open up for one or two young attorneys who didn't get a break. You may find you've got real talent for the future."