Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

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Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby Anonymous User » Sat Nov 26, 2016 10:14 pm

Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!

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2014

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby 2014 » Sat Nov 26, 2016 11:30 pm

Anonymous User wrote:Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!


All of the large NY firms do an advance - almost invariably 8-10k but there may be some variance (and it may chance year to year).

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby Anonymous User » Sat Nov 26, 2016 11:37 pm

2014 wrote:
Anonymous User wrote:Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!


All of the large NY firms do an advance - almost invariably 8-10k but there may be some variance (and it may chance year to year).

Awesome, thanks for the response. Do they then just take the amount out of your paycheck through the first 6 months of working or something like that?

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby Anonymous User » Sun Nov 27, 2016 12:25 am

2014 wrote:
Anonymous User wrote:Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!


All of the large NY firms do an advance - almost invariably 8-10k but there may be some variance (and it may chance year to year).

Actually, there are some big firms that do stipends instead of the usual combination of bar course billed to firm + salary advance, but I don't think SullCrom is among them. The firms with stipend policies that I'm aware of are Latham, Paul Hastings, and Covington, though there are probably a few more.

I think at the stipend firms the money comes in lieu of the stub bonus, but the bar stipends are sometimes larger than most firm's stub bonuses (which are like, what, 5k?), and a stipend attributed to your 3L/stub year will likely get a more favorable tax treatment than a stub bonus that arrives at the beginning of your first full working year.

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby TheSpanishMain » Sun Nov 27, 2016 12:40 am

At the risk of playing Captain Obvious, why not just call and ask HR?

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby Anonymous User » Sun Nov 27, 2016 1:33 am

TheSpanishMain wrote:At the risk of playing Captain Obvious, why not just call and ask HR?

Yeah, I could and probably should. Just kinda feel weird about asking about money I guess

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby TheSpanishMain » Sun Nov 27, 2016 8:16 am

I wouldn't. It's a perfectly reasonable question.

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby 2014 » Sun Nov 27, 2016 2:11 pm

Anonymous User wrote:
2014 wrote:
Anonymous User wrote:Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!


All of the large NY firms do an advance - almost invariably 8-10k but there may be some variance (and it may chance year to year).

Actually, there are some big firms that do stipends instead of the usual combination of bar course billed to firm + salary advance, but I don't think SullCrom is among them. The firms with stipend policies that I'm aware of are Latham, Paul Hastings, and Covington, though there are probably a few more.

I think at the stipend firms the money comes in lieu of the stub bonus, but the bar stipends are sometimes larger than most firm's stub bonuses (which are like, what, 5k?), and a stipend attributed to your 3L/stub year will likely get a more favorable tax treatment than a stub bonus that arrives at the beginning of your first full working year.

Fair point, but i would note that these are all non-NY firms with major NY offices. Presumably their policies originate in LA/LA/DC where market norms are different (read: better) than NY.

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby Anonymous User » Mon Nov 28, 2016 12:09 am

S&C provides a salary advance of your choice up to $10,000 which is repaid in the first year in 24 equal bimonthly installments out of your paycheck

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Re: Does anyone know if S&C provide a bar stipend or salary advance for the summer after 3L?

Postby Anonymous User » Mon Nov 28, 2016 3:45 pm

Anonymous User wrote:S&C provides a salary advance of your choice up to $10,000 which is repaid in the first year in 24 equal bimonthly installments out of your paycheck

Just what I was looking for. Thanks



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