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thesealocust wrote:See you all at law school next fall
A post I made in the legal employment thread (see bottom for disclaimers):thesealocust wrote:bradley wrote:Is it just me, or don't these numbers seem all that bad? Any comparable numbers from previous years available?
Holy fucking shit. Really? The NALP directory confirms: it was absolute Armageddon, a bloodbath of epic and unfathomable proportions.
T14 students that graduate every year: Roughly 5,000
2008 (class of 2009) V10 summer associate positions: 1,362
2009 (Class of 2010) V10 summer associate positions: 1,141
2010 (Class of 2011) V10 summer associate positions: 587
Total jobs lost from V10 firms alone since 2008: 775, roughly 55% of them. Gone. Poof. No summer associate salary, no full time job. And those 775 highly qualified, predominantly T14 law students started hunting for other jobs... many of which had also been cut...
Vault 10 data based on '08, '09, and '10 summer classes (the graduating classes of 2009-2011)
Wachtell: 24 25 17
Cravath: 160 121 22
Skadden: 241 219 76
Sullivan & Cromwell: 137 104 70
Davis Polk: 129 116 80
Weil Gotshal: 169 163 36
Simpson Thacher: 142 75 71
Cleary: 108 119 85
Covington: 72 81 67
Kirkland: 180 118 63
Disclaimers: I compared this year's V10. All 10 firms have been near the top, but obviously in 2008 there was a different V10. The numbers are also slightly rough - I didn't include offices with incomplete data, and speculated slightly on some (i.e. plugged in an anonymous tip when the NALP directory listed total # of SAs as 'TBD'. A note to 0Ls: The vault firms are ranked based on a survey of 'prestige' circulated amongst associates and nothing more. That means these are just 10 firms with good reputations. Not surprisingly, they are large firms, NYC-centric firms, firms with interesting work, etc. It's a biased sample to be sure - but all firms pay well north of 6 figure starting salaries, have stringent recruiting standards, and accounted for a huge portion of big firm hiring nation wide. There are big firms outside of the V10 (DLA piper) and small ones in it (Wachtell) - but keep in mind that the V10 was doing a lot of the hiring. Some restrictions may apply, offer void where prohibited. A party is not liable for failure to perform the party's obligations if such failure is as a result of Acts of God (including fire, flood, earthquake, storm, hurricane or other natural disaster), war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalisation, government sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure of electricity or telephone service. No party is entitled to terminate this Agreement under in such circumstances.
What is PPP at these firms?