Incoming Associates Getting Deferred Forum

[lawschoolnewbie2018]

Hogan Lovells has deferred start dates until January 2021 and will "provide [incoming summers] with a stipend to help them manage through the autumn."

Reddit thread says Reed Smith deferred to January 2021 + offering stipend

[tuesdayninja]

Hogan Lovells has deferred start dates until January 2021 and will "provide [incoming summers] with a stipend to help them manage through the autumn."

The stipend is going to incoming summers? Or did you mean to incoming first-years?

[wwwcol]

Hogan Lovells has deferred start dates until January 2021 and will "provide [incoming summers] with a stipend to help them manage through the autumn."

Reddit thread says Reed Smith deferred to January 2021 + offering stipend

Increasingly clear the industry will coalesce around January 21 plus some varying stipend. Hogan is a major, well respected firm that will give others cover to follow.

[Anonymous User]

Hogan Lovells has deferred start dates until January 2021 and will "provide [incoming summers] with a stipend to help them manage through the autumn."

The stipend is going to incoming summers? Or did you mean to incoming first-years?

Sorry, incoming first-years.

[Sporty1911]

Yup--can see this happening at a lot of the V100 now. Fully expecting to be deferred into January/February 2021. Important to note that I think much of this has to do with bar exams being pushed back rather than financial difficulty (though the motivations for deferrals will vary, so some may be due to financial difficulty).

Lets hope the stipends are a good amount.

[Anonymous User]

I actually don't see the causal relationship between the delay of the bar exam and the deferral. The bar was supposed to be held at end of July and some firms offered the mid September start date, which is 1.5 months after the bar exam. If the bar exam is now delayed to early September, I don't see why the firms are not having the associates start 1.5 months later, which is late October, not January 2021.

[Sporty1911]

I actually don't see the causal relationship between the delay of the bar exam and the deferral. The bar was supposed to be held at end of July and some firms offered the mid September start date, which is 1.5 months after the bar exam. If the bar exam is now delayed to early September, I don't see why the firms are not having the associates start 1.5 months later, which is late October, not January 2021.

Because there is still uncertainty over whether the bar will even be able to be held in October. There is still a good chance that, even if things are much better by September, large gatherings like those necessary for the bar exam will not be allowed. So, it makes sense for firms to push back start dates to January/February to account for that uncertainty, instead of pushing them back to October and then potentially having to push them back again.

[Anonymous User]

Hogan Lovells has deferred start dates until January 2021 and will "provide [incoming summers] with a stipend to help them manage through the autumn."

Reddit thread says Reed Smith deferred to January 2021 + offering stipend

Any information on how much the fall stipend is going to be?

[addie1412]

Hogan Lovells has deferred start dates until January 2021 and will "provide [incoming summers] with a stipend to help them manage through the autumn."

Reddit thread says Reed Smith deferred to January 2021 + offering stipend

Any information on how much the fall stipend is going to be?

Reddit says it's a $5k fall stipend in addition to the regularly scheduled stipend.

Edit: same Reddit thread says $25k for the Hogan fall stipend

[cjm2018]

Does anyone here remember what happened to judicial clerks in the last recession with respect to start dates? Did they get pushed back with the rest of the first-year crew or just start as normal after their clerkships? And any thoughts on whether clerks are likely to get pushed back in this situation for those of us who have already passed the bar exam and therefore will not be in the what-the-hell-will-happen-to-the-bar-exam boat that the first years are in?

[mtf612]

Ignorant question here from an incoming first-year at a v50 that has so far offered only radio silence:

For these Fall stipends, does the amount come out of our future paychecks when we actually join the firm - or is it basically payment not to work? I saw that some of the firms in 2009 paid incoming first-years to not work, or to do pro bono/public interest work. Should I expect that kind of situation?

If I get deferred I have no idea what I'm going to do with my lease set to expire in September. I guess I'll pay month to month because moving to NYC wouldn't make sense until my start date.

[Anonymous User]

Hogan Lovells has deferred start dates until January 2021 and will "provide [incoming summers] with a stipend to help them manage through the autumn."

Reddit thread says Reed Smith deferred to January 2021 + offering stipend

Any information on how much the fall stipend is going to be?

Reddit says it's a $5k fall stipend in addition to the regularly scheduled stipend.

Edit: same Reddit thread says $25k for the Hogan fall stipend

It’s definitely a 25k stipend.

[lawschoolnewbie2018]

Hogan Lovells has deferred start dates until January 2021 and will "provide [incoming summers] with a stipend to help them manage through the autumn."

I think the reddit thread says $5k for Reed Smith, $25k for hogan lovells.

Reddit thread says Reed Smith deferred to January 2021 + offering stipend

Any information on how much the fall stipend is going to be?

Reddit says it's a $5k fall stipend in addition to the regularly scheduled stipend.

Edit: same Reddit thread says $25k for the Hogan fall stipend

It’s definitely a 25k stipend.

[QContinuum]

Ignorant question here from an incoming first-year at a v50 that has so far offered only radio silence:

For these Fall stipends, does the amount come out of our future paychecks when we actually join the firm - or is it basically payment not to work? I saw that some of the firms in 2009 paid incoming first-years to not work, or to do pro bono/public interest work. Should I expect that kind of situation?

If I get deferred I have no idea what I'm going to do with my lease set to expire in September. I guess I'll pay month to month because moving to NYC wouldn't make sense until my start date.

If 2009 is a guide, any stipends offered due to start dates being pushed back will be "true" stipends, not advances.

That said, if your firm previously offered, and you accepted, a "standard" advance (as is common practice for NYC BigLaw), you should expect that advance to remain repayable (in installments) after you start. I wouldn't expect any firm to waive repayment of any "standard" advance that was previously offered. (Obviously, repayment would be deferred until you actually start - firms aren't going to expect you to start repaying your advance in October if you won't be allowed to start until January.)

[jm2819]

Can someone post the reddit thread that people are referencing? I can't seem to find it

[basketofbread]

Can someone post the reddit thread that people are referencing? I can't seem to find it

https://www.reddit.com/r/LawSchool/comm ... rst_years/

[da.goat]

Does anyone here remember what happened to judicial clerks in the last recession with respect to start dates? Did they get pushed back with the rest of the first-year crew or just start as normal after their clerkships? And any thoughts on whether clerks are likely to get pushed back in this situation for those of us who have already passed the bar exam and therefore will not be in the what-the-hell-will-happen-to-the-bar-exam boat that the first years are in?

Echoing this question! Any insight on this would be amazing

[Anonymous User]

Incoming associate at V20. September start date has been confirmed as recently as yesterday. No word yet on whether it will be a remote start or what the logistics will look like but a data point that all firms may not go the way of Orrick/Hogan. Also confirmed no layoffs or pay cuts will be happening.

[QContinuum]

Incoming associate at V20. September start date has been confirmed as recently as yesterday. No word yet on whether it will be a remote start or what the logistics will look like but a data point that all firms may not go the way of Orrick/Hogan. Also confirmed no layoffs or pay cuts will be happening.

Was there any discussion of how the firm plans to work around the (planned) September bar?

[Anonymous User]

Anonymous because in a minority of incoming associates.

Some 3Ls took the February 2020 bar, in states that let 3Ls do that. If firm defers, citing bar, are 3Ls who passed bar deferred too? If we're given a choice to start on time or with deferred peers (doubt), what makes the most sense strategically? Do you start early and risk being stealth laid off or do you start with peers who didn't take early bar?

[HarrisonK]

From the Reddit thread:

Wachtell announced today: Revised start dates: October 5 and November 9.

When v2 is deferring, things are scary.

[Anonymous User]

Kramer levin pushed start dates to Jan 2021.

[UMich11]

From the Reddit thread:

Wachtell announced today: Revised start dates: October 5 and November 9.

When v2 is deferring, things are scary.

I wouldn't read the tea leaves here. Likely pushed back to accommodate (a) the Bar exams being pushed back and (b) it's just hard to train new lawyers virtually. In person mentoring is a big component, and saving a month or two of first year associate salaries won't make the firm's books flinch.

[HarrisonK]

From the Reddit thread:

Wachtell announced today: Revised start dates: October 5 and November 9.

When v2 is deferring, things are scary.

I wouldn't read the tea leaves here. Likely pushed back to accommodate (a) the Bar exams being pushed back and (b) it's just hard to train new lawyers virtually. In person mentoring is a big component, and saving a month or two of first year associate salaries won't make the firm's books flinch.

You're right. Good point.

[Anonymous User]

This may be a dumb question, but do you have to pay back the stipends, especially if the start date is pushed back?