According to an internal memo leaked online, New York’s Stroock & Stroock & Lavan is making three offers to incoming associates.
…the start date for the incoming class will be January 11, 2010. Prior to this date, you will be expected to take and pass the New York bar exam. We will cover related expenses for both the bar review course and the bar exam itself. We also will make available to you a cash advance of $10,000 in September to help cover your expenses. In addition, if applicable, we will reimburse your moving expenses to New York, up to $2,000.
Or, later deferrals:
Second, we offer the opportunity to defer your start date until January 2011. If you select this option, we will provide you with the cash advance in September and, starting in January 2010, will provide you with an annual stipend of $50,000 to be paid monthly for so long as you secure an approved position in the public interest field… for a period of up to one year… Following this deferral, the current expectation is that you would start with the Firm in January 2011, although this is subject to change depending upon our hiring needs at the time…
Or finally, a big cash incentive to just go away.
Lastly, the Firm recognizes that you may wish to pursue other opportunities, outside of Stroock. If this is the case, we will make a total payment to you of $75,000, half payable in September 2009 and half in January 2010. By accepting this payment, it should be understood that you would have no current or future obligation to Stroock, nor would we to you.
In March, Stroock laid off 10% of its associates and staff.
Stroock & Stroock & Lavan LLP is based in New York City, with approximately 350 lawyers in three offices, including Miami and Los Angeles. It was founded in 1876.