In these times of global financial turmoil where many citizens in the United States and the rest of the world have lost their livelihood and are struggling to find new work, some people are getting paid handsome to not work.
A handful of law students about to graduate have been offered as much as $80,000 to stay home by their future employers.
According to industry analysts, many large law firms have pushed back the starting dates of at least a portion of their imminent new joiners. The firms have offered stipends of up to $80,000 to some students, along with benefits as well.
The law industry has proven itself to be recession proof in the past. However, the industry been affected by the recent economic gloom and over 10,000 people for this sector have lost their jobs.
Generally, summer associates that perform exceptionally well have received offer during early fall to start once they complete their schooling by the following year. However this time around, law firms are asking their future first-year employees to postpone their start dates by up to a year. This includes big names such as Latham & Watkins, Skadden Arps, White & Case and many others.
In the past, whenever the economic conditions have slowed down, law firms have withdrawn their offer. This year though, firms are expecting these associates to start as soon as the economical conditions improve.
Law firms are aware that a lot of students bear the burned of bulky student loans, and a withdrawn offer can be disheartening. Students are absolutely thrilled with the fact that their future employers are willing to spend so much money just to keep them happy.
Many students are using this opportunity to offer their services for social litigation causes, while honing their skills at the same time.
Industry experts have noted that this has been one of those rare win-win situation for all parties involved – students get paid a perfectly good amount while dedicating their services for good causes and giving something back to the community. The law firms are assured of getting some of the best new talent on the market in the form of freshers, with the added advantage that some of them would have already worked for a year.