Tuesday, June 2, 2009
In another sign 'o the economic times for recent law grads, one BigLaw Chicago firm has offered junior associates guaranteed employment for one year as in-house counsel for the firm's clients in exchange for a $100,000 pay cut. As the Chicago Tribune reports, the vast majority of attorneys offered the deal took it - even though there's no promise of continued employment beyond the 12 month trial period. Given the choice of remaining with the firm at $160k and competing with thousands of other job applicants in the event of a lay-off, 12 months of guaranteed employment is apparently a very good deal.
As one Chicago headhunter observed: "These are young lawyers, and they are not going to find another $160,000 job out there."
It's reasonable to expect that we'll see unhealthy manifestations of these increased job market pressures play out in the our classrooms this Fall. Be prepared for it.
Hat tip to the Legal Blog Watch.
I am the scholarship dude.