Update: Latham Offering New Associates $75K to Take Year Off

Latham & Watkins is offering incoming lawyers $75,000 to take a year off.

The firm, which fired 190 lawyers and 250 staff last week, is pushing back the start date for all incoming lawyers from mid-October to mid-December, and offering the $75K bribe to those who wait a year to start work.

Latham & Watkins LLP is one of the largest law firms in the world, employing around 1,500 attorneys in the US, Europe, the Middle East and Asia. The firm was started in Los Angeles in 1934 and has extensive California roots, but its largest office is now in New York City.

San Francisco’s Orrick, Herrington & Sutcliffe is also offering $75,000 to its incoming lawyers in the US to begin in Fall 2010. Lawyers who take the money will be placed in a public-interest or government job for the year, or in a position with one of the firm’s clients.

Orrick said this week fired 300 employees, including lawyers, worldwide. In November, Orrick fired 40 lawyers and 35 staff.

The San Francisco-based firm, founded in 1863, has over 1,100 lawyers worldwide in 21 offices.