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Citi Ain't Paying for Summer Associate Time

By Eric Lipman

Nate Raymond reports in today's New York Law Journal that Citigroup has put all of its outside counsel on notice that it will not pay for summer associate time. Not for a single, solitary hour of it, thank you very much. The article notes that summer associate time has increasingly been written off over the past several years, either at the insistence of clients, or because no partner in his right mind would let his client see a bill purporting to charge over $1,200 for a law student to "review class outline."* And some major corporations have had the "no summer time" rule in place for a while. Raymond attributes some degree of irony to the timing of Citi's decision, based on the substantial decrease in the size of summer classes as compared to previous programs. Jonathan Schaffzin of Cahill Gordon & Reindel predicts that the smaller size of his firm's 2010 summer program -- 15 vs. 38 in 2009 -- will mean that the lucky few who snagged these positions will be engaged in more substantive work than they would as part of a larger group.** Over at JD Journal, they seem to think this increase in "real work,"...

Full post as published by Legal Blog Watch on June 08, 2010 (boomark / email).