Cahill Gordon & Reindel has announced it will suspend its 2020 summer associate program due to coronavirus safety concerns, as much of Big Law rethinks how to go move forward with this annual staple of new attorney recruitment.
Despite the change of plans, Cahill’s summer class will be paid in full for the summer and are all receiving offers to join the firm full-time after their graduation in 2021, the firm said in a statement to Bloomberg Law.
Its 30 summer associates can voluntarily participate in its pro bono program and, if conditions change and Cahill is able to safely host an in-person program for some portion of the summer, the firm will find an appropriate way to do so, the Wall Street firm said.
“We did this now because we wanted to alleviate concerns that our summer associates were expressing about securing housing in New York City for the summer, and we wanted to give them peace of mind that the firm is supporting them in this difficult moment,” the statement said.
In 2019, Cahill’s gross revenue rose to $387.8 million with its profits per partner jumping to $3.84 million, according to Am Law figures.
Cahill’s announcement comes as other law firms have announced the delay of the start of their programs. Cooley, DLA Piper, and Vinson & Elkins confirmed last week that they will all delay the start of their programs until mid-June.
Major law firms are also turning to other measures to weather the economic turbulence caused by the coronavirus pandemic. Several have announced delays on partner draws and cuts in staff and attorney salaries as well as furloughs and layoffs of some of their employees.
Cahill, however, announced last week that it was “not considering any actions like this,” the firm said in a statement.
“It’s great to see our lawyers step up to the challenge of working under these conditions. We are highly appreciative of all your efforts and we recognize how fortunate we are to have you as part of the firm,” the firm said.