Law firms are using a wide array of plans to keep incoming graduates at bay amid the plunge in business, but the idea that they will eventually hire those deferred recruits may be a case of wishful thinking.
The deferral strategies represent an effort by firms to keep their word to recruits, to preserve their reputations at law schools and to maintain a stockpile of new talent should the economy rapidly rebound. But even if firms are in a position to make good on assurances to this year’s graduates — still a very big question mark — the class of 2010 could prove to be the fall guy. Many top law firms have delayed start dates for first-year associates until January 2010, September 2010 or as late as January 2011. Most are offering some level of stipend, sometimes contingent on graduates’ finding public interest or skills-development work.
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