What could have been the cruelest summer of all for law students is turning into a job offer for some summer associates. Abovethelaw.com reports that, among others, Sullivan & Cromwell and Davis Polk made 100% of their summer help full-time offers.
Observers have many theories about this unexpected development. At the top of the list is the assessment that this may be a sign the worst is over for BigLaw in the global downturn. Next to be considered if BigLaw has confidence that it can manage the new business realities of the law profession. There is also the suspicion that BigLaw may be up to its old tricks of over-hiring with no regard to how long those associates will be there at the firm. BigLaw has the power to check out new talent onsite.
Whatever. As students return for their last year of law school they might have hope that the past year or so was an aberration. Sometimes hope is a dangerous entity. Actually, in his book "A Colossal Failure of Common Sense," Wall Street insider Lawrence G. McDonald discusses the common American phenomenon of "hyperoptimism."