Back in February, Nixon Peabody deferred start dates from September 2009 to January 2010. At the time, they gave the first years a stipend of $10K to live on in the interim. Well..... this week, NB decided to defer a little bit longer. One third of the class was deferred further until February 8th, 2010. The remainder will be deferred...............indefinitely. But, "the associates who do not start in February will receive a monthly deferral payment. The firm did not disclose the amount of that payment and declined to comment further beyond the statement." I wonder how much it is... considering that they were super generous in giving the first years $10K initially. I'm being facetious--of course.
So, what is a Nixon Peabody to think? When will they be taken on? They are biting at the bit to join the Nixon Peabody team. Well, NB doesn't know.
"We, like many other firms, are managing our intake of new associates to meet our clients' needs," Allison McClain said in a statement to The Am Law Daily. "The remaining associates will continue to be deferred and we hope will join the firm as our client needs evolve."
And for those that actually will start in February 2008, the yearly salary has been slashed to $145K.
I wonder what this means for the class of '10? I think '10 grads will be missing from the roster of Nixon Peabody for years to come... and maybe even '11 grads.
So, I know that MOST people that read this blog don't care about the minute details of BigLaw... but as always, there is a point to be made here.
The kids hired by Nixon Peabody are the cream of the crop and this is the treatment they receive. What can be expected for the new grads? And those of next year, and the following?
What about the end of lockstep? Is law school still worth it if you have a 5% chance of getting a Big Firm job earning anywhere from $90K to $160 and many salaries in between? Is $90K great if you owe $200K in student loans? Maybe you would have been earning $70 if you entered the corporate world after college and worked your way up in those three years.
And lastly, is everyone a winner at Nixon Peabody?
Food for thought.
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