Law School Grads See Promised Jobs Put On Hold
Dean Larry Kramer is quoted in a Time Magazine article about the lack of jobs for graduating law students as a result of the financial downturn and the resulting downsizing in the legal industry:
Some firms, such as Los Angeles–based Latham & Watkins and San Francisco–based Orrick, Herrington & Sutcliffe, have offered $75,000 annual compensation packages to incoming associates who defer employment until October 2010 and find alternate work in public-interest law. Other firms, like Morgan Lewis, have told deferred associates they can earn up to $60,000 per year if they work in public service, plus an additional $10,000 if they continue to study for the bar. Overall, firms estimate that these deferral arrangements could save them $25,000 to $85,000 per employee. (Read "Job Forecast for College Seniors: Grimmer Than Ever.")
Larry Kramer, dean of Stanford Law School in Palo Alto, Calif., acknowledges there's a problem. "Something about the way the system works has to give," he says. "If you're going to defer someone for a year, there really needs to be a certain degree of loan forgiveness to ease the burden [on associates]."