legal practices

Top Law Firms Starting Associates On Time

The ABA Journal online has reported that almost all the top ten most profitable firms (as rated by the American Lawyer) are starting their new law school graduates’ employment on time in September. A number of other firms have delayed the start in order to keep costs down in an uncertain economy. Firms like Paul Weiss and Wachtell Lipton have not changed a thing and new grads have their usual one month off after the bar exam in late July before starting after Labor Day.

There are a few exceptions, one particularly surprising. Venerable firm Cravath Swaine & Moore, often considered a bellwether in associate compensation, has offered incoming lawyers $80,000 to take the year off. Also, Schulte Roth & Zabel has told new associates they are required to wait one year.

I am hearing that more and more firms are seeing signs of life in the transactional world that tends to drive a big part of the practices in these major firms. In fact, I’m told by headhunter friends that a number of firms are looking to hire M&A lawyers in anticipation of growth that is coming. That’s a good sign!