New York’s Shearman & Sterling will defer its 2009 associate class.
From the memo:
In light of current economic conditions and the reduced activity in some of our practices, the firm is facing the challenge that it will be unable to offer all our incoming Class of 2009 associates the quality and breadth of work that we feel is necessary to properly train new lawyers. As a result, we are offering a Delayed Start Program to our incoming Class of 2009 associates that will allow you to defer your start date with the firm until 2010 while you pursue public interest, academic or personal development opportunities.
Incoming Class of 2009 associates who choose to participate in the Delayed Start Program will have an offer to join the firm as a first year associate in the Class of 2010, with the option to start on the first start dates for Class of 2010 associates. We have not yet determined the start dates for incoming Class of 2009 associates who choose to not participate in the Delayed Start Program, but… the earliest start date will not be before December 2009…
Participants in the Delayed Start Program will receive a stipend of $65,000. In addition, the firm
will pay for a bar admission preparation course and reimburse you for expenses associated with
taking the California, Washington, D.C. or New York bar exam…
In March, the firm laid off 78 staffers.
Shearman & Sterling LLP is a law firm headquartered in New York City, with 19 offices located in major financial centers around the world. It was founded in 1873.
As of 2006, it was the 17th largest law firm in the world as measured by 2006 annual revenue. Shearman & Sterling is a white shoe firm, the equivalent of the Magic Circle in the UK.