Yesterday, Edwards Angell announced the layoffs of 25 lawyers and 35 staff, or 15% of the firm’s workforce.
Today the firm announced will delay the start dates for its incoming first year associates to March 1, 2010.
Deferred first years will get a $10,000 stipend plus bar expenses.
The firm has also canceled its 2009 summer associate program. Edwards Angell will be paying $5,000 each to the nine students affected.
Edwards Angell Palmer & Dodge LLP is an American law firm based in Boston, Massachusetts. The firm is number 97 on the list of the world’s largest law firms by 2006 revenue. The firm was formed by the 2005 merger of Edwards & Angell LLP and Palmer & Dodge LLP.
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Another sign of the times. I guess what is interesting about this one is that it is a law firm, which you don’t hear much about. People coming out law schools will have a tough market waiting for them.
I agree, law student that are just starting their careers are going to have a very tough market. I wonder how that $5000 compares to the value of the one year internship, considering that they might not get a job there? Could end up being a good deal.
Well, it seems that there may be some benefits to these students in the long term. After all, receiving a 5K stipend and having been selected by this law firm might open some other doors at other firms, because they had to be quality applicants in the first place for them to get both the internship and the pay for its subsequent cancellation.