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Academic

: The Faculty Lounge

Strook & Strook Manufactures Cold Offers, Shooting Self In Foot

By Dan Filler

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We've seen firms use various approaches to reduce the size of their new associate pool.  Until now, however, I had not heard of any firms publically buying out offers.  Well now Strook & Strook & Lavan is offering potential new associates $75,000 to decline their job offers.    Remember the old-fashioned "cold offer" - when the firm made a summer associate a faux permanent offer with the goal of preserving both the firm's stellar record ("100% of our summer associates get offers") and the law student's  opportunity to get other jobs?  Here, Strook is turning warm offers into cold ones - and of course that requires compensation.  


The problem, it seems to me, is that this deal encourages exactly the wrong outcomes, from the firm's point of view.  The best candidates - those with strong credentials and the capacity to obtain other jobs quickly - will leave and take the loot.  The weaker candidates will stay around.  That doesn't mean there isn't a place for buyouts.  They just have to be targeted at the new associates the firm would like to dump.  And that, it turns out, might cost a bit more money.

Full post as published by The Faculty Lounge on May 08, 2009 (boomark / email).

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