Monday, May 4, 2009

Stay Away Money for 3L's

Stroock Offers $75,000 in Stay Away Money

Stroock logo.JPGThese incoming associate deferrals are getting out of control. Stroock is the latest firm to come up with an innovative plan to deal with its new class of first years.

Above the Law has been able to confirm that Stroock is offering incoming first year's a payment of $75,000 to leave the firm by July 1st. Half of it will be paid in September 2009, the other half in January 2010.

This would make Stroock the most well-known firm to rescind (kind of) offers to 3Ls. But unlike other firms, Stroock is making it a voluntary decision, and they are offering a significant financial windfall. And give Stroock some credit for dropping the pretense that there will be more than enough work for both the class of 2009 and the class of 2010, next year.

Pillsbury offered a voluntary departure program to its associates. But Pillsbury didn't let people know what was waiting for them if they didn't take the offer. Stroock, perhaps learning from that mistake, isn't asking incoming first years to make their decision in a vacuum.

The other options for Stroock first years after the jump.

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