Second-year student Derek Rollins came home after his last day of classes at Southern Methodist University School of Law in April to find out his nearly $1,150-a-week clerkship at Cantilo, Bennett & Wisener was cancelled.

Rollins had a clerkship at the Federal Trade Commission in Dallas lined up for the second half of the summer, but it was nonpaying. Once Rollins got final exams out of the way and started looking in May for another paying clerkship, he found to his dismay it was much too late to land one.