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Lovells and Field Fisher
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More fun news:
http://www.thelawyer.com/cgi-bin/item.cgi?id=136786&d=415&h=417&f=416
I find it hard to believe that in the worst graduate jobs market in a number of years A&O have been unable to find enough people willing to do an Easter Scheme. I don't know why A&O don't just come out and say that they're not going to be running it in order to save money or to mark a shift in their graduate recruitment policy, rather than giving some fairly flimsy excuse. Better to reduce Vacation Schemes then sack associates surely?
http://www.thelawyer.com/cgi-bin/item.cgi?id=136786&d=415&h=417&f=416
I find it hard to believe that in the worst graduate jobs market in a number of years A&O have been unable to find enough people willing to do an Easter Scheme. I don't know why A&O don't just come out and say that they're not going to be running it in order to save money or to mark a shift in their graduate recruitment policy, rather than giving some fairly flimsy excuse. Better to reduce Vacation Schemes then sack associates surely?
TommehR
More fun news:
http://www.thelawyer.com/cgi-bin/item.cgi?id=136786&d=415&h=417&f=416
I find it hard to believe that in the worst graduate jobs market in a number of years A&O have been unable to find enough people willing to do an Easter Scheme. I don't know why A&O don't just come out and say that they're not going to be running it in order to save money or to mark a shift in their graduate recruitment policy, rather than giving some fairly flimsy excuse. Better to reduce Vacation Schemes then sack associates surely?
http://www.thelawyer.com/cgi-bin/item.cgi?id=136786&d=415&h=417&f=416
I find it hard to believe that in the worst graduate jobs market in a number of years A&O have been unable to find enough people willing to do an Easter Scheme. I don't know why A&O don't just come out and say that they're not going to be running it in order to save money or to mark a shift in their graduate recruitment policy, rather than giving some fairly flimsy excuse. Better to reduce Vacation Schemes then sack associates surely?
this is ridiculous! I'm pretty certain A&O get the most applications for vs schemes so 'lack of interest' is quite frankly BS.
I am very very worried now....
think you're right to be concerned. I think intake numbers may well be reduced.
Firms like Links wouldn't be taking the blowtorch to its departments if they thought things would turn round in 18 months - they're losing some great lawyers and it would be enormously short-sighted of them if there was any chance that the market would recover, by 2010, to 2008 levels of activity.
Firms like Links wouldn't be taking the blowtorch to its departments if they thought things would turn round in 18 months - they're losing some great lawyers and it would be enormously short-sighted of them if there was any chance that the market would recover, by 2010, to 2008 levels of activity.
Sounds right to me. There was a video interview with David Childs, CC managing partner, in the FT a few days ago. Take out was that the earliest there would be any recovery in the UK was mid 2010 and some aspects of law firm activity would probably never return to 2007/8 levels structured finance?).
My guess is that the firms that are/thinking about downsizing take the view that they will need considerably less lawyers than at the height of the boom. Am I right in thinking that MC recruitment of 100 trainees a year is a fairly recent thing?
Aside from the point made about a lower attrition rate as lawyers stay put, I think you have to look at the leverage. Say you have 2 trainees and 5 associates to every equity partner (no idea what ratio actually is). If you reduce the numbers of qualified lawyers, you will need less trainees.
My fear is that this will get much worse for a long time before it gets better.
think you're right to be concerned. I think intake numbers may well be reduced.
Firms like Links wouldn't be taking the blowtorch to its departments if they thought things would turn round in 18 months - they're losing some great lawyers and it would be enormously short-sighted of them if there was any chance that the market would recover, by 2010, to 2008 levels of activity.
Firms like Links wouldn't be taking the blowtorch to its departments if they thought things would turn round in 18 months - they're losing some great lawyers and it would be enormously short-sighted of them if there was any chance that the market would recover, by 2010, to 2008 levels of activity.
Sounds right to me. There was a video interview with David Childs, CC managing partner, in the FT a few days ago. Take out was that the earliest there would be any recovery in the UK was mid 2010 and some aspects of law firm activity would probably never return to 2007/8 levels (structured finance?).
My guess is that the firms that are/thinking about downsizing take the view that they will need considerably less lawyers than at the height of the boom. Am I right in thinking that MC recruitment of 100 trainees a year is a fairly recent thing?
Aside from the point made about a lower attrition rate as lawyers stay put, I think you have to look at the leverage. Say you have 2 trainees and 5 associates to every equity partner (no idea what ratio actually is). If you reduce the numbers of qualified lawyers, you will need less trainees.
My fear is that this will get much worse for a long time before it gets better.
Oh and Freshfields have joined the list of those asking some trainees to defer
http://www.legalweek.com/Articles/1197338/Freshfields+asks+trainees+to+delay+start+dates.html
http://www.legalweek.com/Articles/1197338/Freshfields+asks+trainees+to+delay+start+dates.html
TommehR
Better to reduce Vacation Schemes then sack associates surely?
Looks like I spoke too soon. Seems like they've bought into the Linklaters school of thought with a sprinkling of Freshfieldsian pay freezes. My feeling is that they won't come in for anywhere near as much flak for this as Linklaters did as at least they are being up front about it and announcing everything at once rather than letting it come out in stages.
TommehR
http://www.thelawyer.com/cgi-bin/item.cgi?id=136814&d=415&h=417&f=416
Looks like I spoke too soon. Seems like they've bought into the Linklaters school of thought with a sprinkling of Freshfieldsian pay freezes. My feeling is that they won't come in for anywhere near as much flak for this as Linklaters did as at least they are being up front about it and announcing everything at once rather than letting it come out in stages.
Looks like I spoke too soon. Seems like they've bought into the Linklaters school of thought with a sprinkling of Freshfieldsian pay freezes. My feeling is that they won't come in for anywhere near as much flak for this as Linklaters did as at least they are being up front about it and announcing everything at once rather than letting it come out in stages.
That's really ugly. I think we're probably seeing the larger firms making the tough decisions early. My concern is for the smaller players who don't necessarily have the foresight, or the resources, to drive through radical change.
2009 and 2010 are going to be seriously unpleasant years for the commercial legal profession.
I see Charles Russell are the latest to bin some of their vac scheme.
chalks
That's really ugly. I think we're probably seeing the larger firms making the tough decisions early. My concern is for the smaller players who don't necessarily have the foresight, or the resources, to drive through radical change.
2009 and 2010 are going to be seriously unpleasant years for the commercial legal profession.
I see Charles Russell are the latest to bin some of their vac scheme.
2009 and 2010 are going to be seriously unpleasant years for the commercial legal profession.
I see Charles Russell are the latest to bin some of their vac scheme.
How are things in Australia at the moment chalks? As bad as they are in London?
emmings
How are things in Australia at the moment chalks? As bad as they are in London?
Nowhere near as bad. The economy here has taken a battering but we're not suffering in the same way. The banking sector wasn't as badly exposed and we haven't (yet) seen many high profile insolvencies. Interest rates were much higher here (due to the mining industry driving inflation) which has given the Reserve Bank far more scope to cut rates to stimulate the markets and there is still room to pull that lever. By contrast, the BoE hasn't really got any more scope to do the same.
That's meant that the law firms aren't suffering as badly. A couple have started tightening belts and offering to defer jobs/go with 4 day weeks and so on.
What remains to be seen is whether Oz will be less affected or, actually, whether we're just 6 months behind the curve. 2009 is going to be ugly and I think there's a general feeling that if you've got a job don't rock the boat but see what happens over the course of the year. I'll certainly be sitting tight and wouldn't dream of moving back to the UK right now.
And of course it's pure coincidence that A & O decided to bin their Easter VS. wouldn't want to be entertaining undergraduates when the walls are covered in blood.
this is looking pretty bad.
surely with trainees meant to start in 2009/2010 being asked to defer, it will really put a squeeze on those applying now to start in 2011? not to mention those would-be bankers who are also competing in the process now.
i'm a tad concerned about my firm. as someone said, the 100/annum intake for MC firms is a fairly recent thing. Herbies seemed to have followed those figures too for graduate recruitment, despite being a slightly smaller firm. although there's been no official word, i'm half expecting deferral requests to come through in the next month or two. but i think this could be the case with a lot of top 50 firms; only a few have boldly made the call at present.
surely with trainees meant to start in 2009/2010 being asked to defer, it will really put a squeeze on those applying now to start in 2011? not to mention those would-be bankers who are also competing in the process now.
i'm a tad concerned about my firm. as someone said, the 100/annum intake for MC firms is a fairly recent thing. Herbies seemed to have followed those figures too for graduate recruitment, despite being a slightly smaller firm. although there's been no official word, i'm half expecting deferral requests to come through in the next month or two. but i think this could be the case with a lot of top 50 firms; only a few have boldly made the call at present.
silence
this is looking pretty bad.
surely with trainees meant to start in 2009/2010 being asked to defer, it will really put a squeeze on those applying now to start in 2011? not to mention those would-be bankers who are also competing in the process now.
i'm a tad concerned about my firm. as someone said, the 100/annum intake for MC firms is a fairly recent thing. Herbies seemed to have followed those figures too for graduate recruitment, despite being a slightly smaller firm. although there's been no official word, i'm half expecting deferral requests to come through in the next month or two. but i think this could be the case with a lot of top 50 firms; only a few have boldly made the call at present.
surely with trainees meant to start in 2009/2010 being asked to defer, it will really put a squeeze on those applying now to start in 2011? not to mention those would-be bankers who are also competing in the process now.
i'm a tad concerned about my firm. as someone said, the 100/annum intake for MC firms is a fairly recent thing. Herbies seemed to have followed those figures too for graduate recruitment, despite being a slightly smaller firm. although there's been no official word, i'm half expecting deferral requests to come through in the next month or two. but i think this could be the case with a lot of top 50 firms; only a few have boldly made the call at present.
I'm terrified that I'll be asked to defer ... my firm is a mid-sized regional and though it has a broad practise base which should allow some departments to shore up others, it went through major growth over the last 10 years or so in its corporate and commercial property departments, so obviously won't be able to sustain the same kind of growth now.
I'm due to start this September and I've had no word yet, but I'm half expecting a call too ... another person in my LPC class who was going to a similar sized firm has already been asked.
at the same time, the very fact we have TCs makes it somewhat bearable.
if there were a nice sum of cash on offer, i'd be tempted to do a masters or something similar before starting my TC as i'm quite young anyway.. but a lot of people have arranged their finances (i.e. debt) over student years (including GDL/LPC) and are relying on starting work sooner rather than later.
if there were a nice sum of cash on offer, i'd be tempted to do a masters or something similar before starting my TC as i'm quite young anyway.. but a lot of people have arranged their finances (i.e. debt) over student years (including GDL/LPC) and are relying on starting work sooner rather than later.
TommehR
More fun news:
http://www.thelawyer.com/cgi-bin/item.cgi?id=136786&d=415&h=417&f=416
I find it hard to believe that in the worst graduate jobs market in a number of years A&O have been unable to find enough people willing to do an Easter Scheme. I don't know why A&O don't just come out and say that they're not going to be running it in order to save money or to mark a shift in their graduate recruitment policy, rather than giving some fairly flimsy excuse. Better to reduce Vacation Schemes then sack associates surely?
http://www.thelawyer.com/cgi-bin/item.cgi?id=136786&d=415&h=417&f=416
I find it hard to believe that in the worst graduate jobs market in a number of years A&O have been unable to find enough people willing to do an Easter Scheme. I don't know why A&O don't just come out and say that they're not going to be running it in order to save money or to mark a shift in their graduate recruitment policy, rather than giving some fairly flimsy excuse. Better to reduce Vacation Schemes then sack associates surely?
That article doesnt necessarily state that they've had less Vac scheme applications all together... it just suggests that theyve had less for easter and so its not financially viable to run the scheme.
I can see why people wouldnt bother applying for easter schemes when they could do one in summer or at christmas. Many unis (including mine) set dissertation and essay deadlines straight after easter, as well as having exams only a few weeks later... i personally wouldnt be able to afford to waste 10 days of my easter holiday when i have 5 essays and revision to do.
Also, the easter scheme is 10 days whilst thesummer one is 3 weeks. As an applicant, I think i'd have applied for the summer one as it does appear to give you much more time to make an impression and to get stuck into something than a 10 day scheme.
Finally, any future trainee will tell you that A&O takes a huge proportion of its trainees from vac schemes, and that the vast majority of those are from summer schemes... again, doesnt make the easter scheme very attractive.
I honestly dont believe that they cancelled it purely because of cost cutting... especially when you consider that the recent news about them chopping 9% of jobs came withthe heavy disclaimer-esque news that they have actually just had a pretty good year for profits.
Im bias of course, but I think this is a valid point
Happy1
That article doesnt necessarily state that they've had less Vac scheme applications all together... it just suggests that theyve had less for easter and so its not financially viable to run the scheme.
I can see why people wouldnt bother applying for easter schemes when they could do one in summer or at christmas. Many unis (including mine) set dissertation and essay deadlines straight after easter, as well as having exams only a few weeks later... i personally wouldnt be able to afford to waste 10 days of my easter holiday when i have 5 essays and revision to do.
Also, the easter scheme is 10 days whilst thesummer one is 3 weeks. As an applicant, I think i'd have applied for the summer one as it does appear to give you much more time to make an impression and to get stuck into something than a 10 day scheme.
Finally, any future trainee will tell you that A&O takes a huge proportion of its trainees from vac schemes, and that the vast majority of those are from summer schemes... again, doesnt make the easter scheme very attractive.
I honestly dont believe that they cancelled it purely because of cost cutting... especially when you consider that the recent news about them chopping 9% of jobs came withthe heavy disclaimer-esque news that they have actually just had a pretty good year for profits.
Im bias of course, but I think this is a valid point
I can see why people wouldnt bother applying for easter schemes when they could do one in summer or at christmas. Many unis (including mine) set dissertation and essay deadlines straight after easter, as well as having exams only a few weeks later... i personally wouldnt be able to afford to waste 10 days of my easter holiday when i have 5 essays and revision to do.
Also, the easter scheme is 10 days whilst thesummer one is 3 weeks. As an applicant, I think i'd have applied for the summer one as it does appear to give you much more time to make an impression and to get stuck into something than a 10 day scheme.
Finally, any future trainee will tell you that A&O takes a huge proportion of its trainees from vac schemes, and that the vast majority of those are from summer schemes... again, doesnt make the easter scheme very attractive.
I honestly dont believe that they cancelled it purely because of cost cutting... especially when you consider that the recent news about them chopping 9% of jobs came withthe heavy disclaimer-esque news that they have actually just had a pretty good year for profits.
Im bias of course, but I think this is a valid point
Now, usually all of those factors that you mention would militate against doing an Easter Scheme. However, in the current climate I find it hard to believe that if people were offered an Easter Scheme or nothing, they would reject it. Of course, they may already be sitting on a couple of Summer offers or they may be really, really committed to their studies and wouldn't want to do anything whatsoever to disrupt them, and I'm sure that this would usually be the case. I'm just not sure that it's the case this year with so many more applicants.
Just my opinion. I guess that a cancelled Easter Vac Scheme kinda pales into insignificance compared to what they've announced, not to mention the fact that it would likely fall right in the middle of the worst of the butchery.
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