First: the 2009 class is being offered a voluntary deferral option. Anyone willing to defer to Fall 2010 will get an $80,000 stipend, health care, $1,000 a month in student loan repayment, and a guaranteed job when the deferral is over.
The offer requires no public interest fellowship, and there are no strings attached.
Second: the 120 members of the 2010 incoming associate class will be deferred to Fall 2011. It’s mandatory, but includes a $65,000 stipend plus the health care and the student loan repayment.
Cravath, Swaine & Moore LLP is based in New York City, with an additional office in London. The second oldest firm in the US, Cravath was founded in 1819.