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Is there any reason why someone should pursue a clerkship if they (1) have already secured a BL offer and (2) is mainly interested in transactional? I heard the experience could be valuable for transactional lawyers as well (in terms of developing writing skills), but I also heard that it is risky to assume the firm will actually take you back after your clerkship (especially for non-lit). Just want to see what the conventional wisdom is on this so I can make an informed decision. TIA!

I think clerking is really valuable for litigators, but much less for transactional folks (except maybe the Chancery court in Delaware). I probably wouldn’t in your shoes.

It’s a nice way to take a break from big law and not lose class year, etc.

Way more useful for litigators, though, I’d imagine. I’m amazed at how much I’m learning about litigation, and how fast, in my clerkship.

My co-clerk went to a V10 to do transactional work and didn’t get class year credit for the clerkship. This would be another reason to be hesitant to clerk if you’re gonna do transactional work for sure.

This is just my experience, but it's a break from billable hours and working until the wee hours of the morning, unless your judge is really a workaholic. You get to focus on what's correct as opposed to the best argument for your side. You get to see how at least one judge looks at filings before making a decision.

Not getting class credit can also be a benefit considering the "up or out" mentality at some firms. It gives you a longer runway.

That said, if you aren't positive your firm will have you back afterward, don't do it, especially if you don't want to be a litigator.

I am a corporate lawyer who clerked right after law school. I got class credit and a clerkship bonus and went back to my summer firm.

It’s probably not worth it viewed purely from a professional, corporate law utility perspective. But it certainly can be (and was for me) worth it from an overall life welfare maximization perspective. I think that’s basically the consensus analysis from those I’ve spoken with in a similar position.

Glad to answer questions if helpful.

Anonymous User wrote: ↑

Wed Mar 03, 2021 3:57 pm

Not getting class credit can also be a benefit considering the "up or out" mentality at some firms. It gives you a longer runway.

That's what my co-clerk said when he decided to go to that firm anyway, but after some time now he regrets the compensation gap.

Assuming someone clerks for one year after law school and then goes to do transactional work without getting class credit, their compensation by year (and in total) would be:

1: $120k with salary + biglaw clerkship bonus ($120k)
2: $205k ($325k)
3: $225k ($550k)
4: $270k ($820k)
5: $320k ($1.14M)
6: $360k ($1.5M)

Compare that to someone who goes right into biglaw after law school:

1: $205k ($205k)
2: $225k ($430k)
3: $270k ($700k)
4: $320k ($1.02M)
5: $360k ($1.38M)
6: $395k ($1.775M)

And this doesn't even factor in the time value of money. Query whether $300,000 at the end of your time in biglaw is worth the chance to take essentially a gap year after law school for no discernible career benefit (as a transactional attorney, I mean). I only bring this up because I discussed this issue with my co-clerk and I think if he could do it again, he would have sought out a peer firm that would have given him a year of credit for the clerkship.