In a sign that the economic collapse has hit even the most prestigious of Am Law firms hard enough to necessitate a previously unthinkable step, Cravath, Swaine & Moore is offering its incoming associates $80,000 if they defer their start dates for a full year to October 2010, Bloomberg is reporting. They'll also receive health coverage and $1,000 a month to pay off loans. All current Cravath summer associates are being deferred until the fall of 2011 and will receive a $65,000 stipend in return.
Cravath Joins the Start Date Deferral Party
The American Lawyer
June 12, 2009