Rescinding Offers

[blzrchick2]

Hi everyone,

Just wanted to let you know that a classmate of mine just got his offer from a V50 firm rescinded only 15 days into the offer, even though he received a letter and a call which said the offer would stay open for the 45 days. He was planning on accepting it but was waiting for another firm to make sure. My advice to you is accept as soon as you can. Many more people are accepting offers because they are getting less due to the economy so be careful!

[TheDudeMan]

So much rumor mill gossip.  Until I hear specific firms get named on ATL where they can respond, I am not getting all hyped up.

Plus, in all honesty, it would be better to have an offer rescinded than to go through the summer only to get no-offered.

[lflyer]

Not surprised.  I said that this would start happening about a month ago.  Timing is a little off but I think it was pretty clear this would be the next step as the economy worsened.  Wonder if it has anything to do with clearing a spot or two for Harvard OCI.  

I also think that, if the economy continues to plummet at light speed, there could be at least a few firms that cut lose 2Ls that have already accepted offers.  I talked to a few different people on my firm's hiring committee about this before I accepted.  They said it would never happen.  Not sure I feel 100% reassured by that though.

[lflyer]

Plus, in all honesty, it would be better to have an offer rescinded than to go through the summer only to get no-offered.

Aside from the $20,000+ you would take home after taxes (assuming you didnt get a comparable job) this is most definitely true

[TheDudeMan]

If a firm rescinded and offer after giving an acceptance, they would get crucified by the tabloids and legal journals.  It's much more likely they would just be oversubscribed and then no-offer people at the end of the summer, which is also bull.  Such is life in this bad economy.

[TheDudeMan]

Rescinding offers is still inexcusable in my opinion.  I would want nothing to do with that firm anyway.  NALP should have penalties for breaking the rules.  If a student rescinded an acceptance, all hell would break loose.  Yet it is seemingly alright for a firm to do the same thing.

[TheDudeMan]

I beg to differ.  You make it seem like firms always have the edge.  Firms are fighting for talent, just like candidates are fighting for great firms. 

[lflyer]

The only way firms would get slammed for revoking acceptances is if there were only one or two that did it.  If one firm took the first step and then others followed, it would probably be much less of a big deal if for no other reason than "everyone else is doing it."  Kind of like the layoffs.  I think Cadwalader was one of the first and they got slammed, but now it seems like every week there is a new firm laying off people and it does not get nearly as much publicity.  I guess it is somewhat of a "protection in numbers" effect.   

[lflyer]

I beg to differ.  You make it seem like firms always have the edge.  Firms are fighting for talent, just like candidates are fighting for great firms. 

overly simplistic reason firms have the edge:  number of students seeking biglaw >>>>> number of available biglaw positions

especially with a volative and generally pessimistic economic outlook

[TheDudeMan]

Number of students seeking biglaw and number qualified and worth a firm competing for are two totally different things. Just because someone at Cooley wants biglaw, doesn't mean they will get it.  Good economy or not.

Also, with regards to "when every firm does something it isn't scrutinized as much," while I agree with that statement, it has still yet to be shown that many firms are rescinding offers.  There are rumors of it, but nobody has yet to mention a firm doing it by name and it's been nothing more than the usual gossip.