cravath: the biggest name to announce deferrals?

[cynthia]

Oh dear. Cravath is offering a year-long deferral to October 2010. The monolith of big law is admitting times are tough. The deal is pretty good, though. As reported by the AmLaw Daily, the deferral is optional and deferrees will receive $80k, health insurance, and $1k per month for loan repayment. All no strings attached.

"As Cravath's memo.. states: 'While the firm's level of work is at or near its level before the continuing economic decline, there are many more associates at the firm today than our plans anticipated, as the poor economy and the disruption at many financial institutions have reduced the rate at which our associates have left.'"

So whilst everyone is hunkering down and trying not to get fired, turns out they're clogging up the spots for new talent. I suppose it makes sense, but it's still a bit of a shock that the mighty would "fall" like this. 2009, you are full of surprises.

Current summer associates' offers will also include deferrals.

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