Thursday, October 1, 2009

Further consequences of unraveling of law firm hiring

The Crimson reports on the difficulties facing Harvard Law students graduating in this recession year: Tough Times For Harvard Lawyers

"The two-year lag between when firms extend job offers and when employees begin their first year forces firms to predict associate demand far in advance of the start date and leads to inaccurate predictions of hiring needs. According to Weber, the backlog of entry-level associates or “overhang” is negatively impacting firm demand for associates in this recruiting cycle. After the financial crisis pummelled investment banks and the fountain of transactional work dried up, law firms were forced to keep the commitments they made to new hires two years earlier. The result: a spate of deferred start dates that began with the class of 2009 and may continue with the class of 2010. "

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