Morgan Lewis has cancelled its 2010 summer program, according to abovethelaw. http://abovethelaw.com/2009/07/morgan_lewis_cancels_2010_summ.php
This is a big deal.
Yes, big firms have shed more than 10,000 jobs since the recession began. Firms have pushed back start dates and sharply curtailed on-campus recruiting. But to our knowledge this is the first firm to just turn that pipeline off. Probably a reasonable economic decision, but still shocking.
Morgan Lewis chairman Fran Milone also announced the firm is: eliminating lockstep compensation for 2010; canceling on-campus interviewing this fall; and pushing back the start dates of current summer associates to 2011. Milone says they’re going to use available funds to work with clients on fees and take care of existing lawyers.