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BigLaw Firm Entices With Extra $100 Monthly Toward Student Loans

By Jonathan R. Tung, Esq. on July 18, 2016 3:59 PM

The firm of Orrick, Herrington and Sutcliffe announced last Friday something we're hoping will become more standard in the legal community: an extra $100 per month toward student debt.

Like anything, however, there's a catch -- the perk will continue for new associates until they become eligible for their first bonus. Still, who's gonna say no?

Tackling Student Debt

Many changes have recently passed through the BigLaw community. Some firms, including the Jackson Lewis, have done away with using the billable hour as the base assessment of associate review. Other firms are getting into wellness programs, trying "emotional training" of all things.

No surprise, though: money is still one of the biggest factors influencing students' choices when it comes to deciding which area of practice to enter into. And with firms now battling for young associate talent, it's almost beginning to feel like a buyers' market in the BigLaw leagues.

According to the ABA Journal, Orrick claims that it is the first large law firm to offer its new associates the benefit of an extra hundred bucks in their compensation to help with their student loan principal. They and a few other firms currently help law students renegotiate their debt arrangements with the creditor banks.

More Coming

This could be the start of something bigger. The New York Times got a hold of a consulting firm that helps students modify their debt arrangements with their banks. Apparently, this consulting firm is working with approximately 20 other firms who are also considering sweetening the monthly bill with some cash.

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