In a statement provided to Above the Law, the firm said it is unable to expand its first-year class even with the brightening economic outlook.
“Despite improving economic conditions generally and at Chadbourne, our most recent near-term projections led us to conclude that we could not justify increasing the first-year class beyond its current size and that there would be no positions available for the 11 deferred individuals,” the firm said.
According to the report, the deferred associates have already received stipend payments of $73,000 from the firm.
New York’s Chadbourne & Parke LLP, founded in 1902 by Thomas L. Chadbourne, employs 400 lawyers and tax advisers in 13 offices in nine countries. Chadbourne is best known for its global practice in project finance and energy, international insurance and reinsurance practice, multi-jurisdictional litigation in courts from Rhode Island to Russia, and corporate transactions.