While acknowledging that “there have been very few actual reports of rescinded offers at this Law School or our peer institutions,” the letter urges students to accept, and accept now. “To put it more bluntly, this is not the time to shop your offers or wait to see if a better one comes along. In addition to being in your own best interest to accept quickly, it may also assist other students who may then receive an offer that you turn down…”
https://francinemckenna.com/wp-content/francine-mckenna.png 0 0 Francine https://francinemckenna.com/wp-content/francine-mckenna.png Francine2008-10-24 06:43:002008-10-24 06:43:00Dance With Them What Brung You
The Wall Street Journal Law Blog, Dear 2L: “If You’ve Met Somebody You Like, Start Dancing With Them.”
This blog has had only anecdotal reports of offers being rescinded by the Big 4 audit firms. Rescinding offers and its corollary, cutting schools from schedules and/or making fewer or no offers after interviewing on campus, would be a very, very negative sign.
I had heard some rumors of some firms interviewing on campus but not planning to make offers. But the schools in question said that they had not heard that yet. I asked the school officials I spoke to to think of their students and make sure they know as soon as possible if firms’ plans change. It’s only fair.
There were confirmed reports a while ago of start dates being delayed by firms in the UK, in particular for MBAs going to M&A and transaction services practices.
The challenge for the firms when they see the need to reduce new starts is that the recruiting cycle is very long. It can be approximately two years and potentially three for interns after junior year who go on to take a Masters in Accounting as a fifth year. That’s because in the US, interviewing for internships starts in the early fall of your Junior year to be accepted for an internships the following summer. Interns that are accepted are practically guaranteed a full time position when they graduate the following summer, as long as they don’t get drunk and jump off a Walt Disney World Swan Hotel balcony, landing on top of a partner who is making out with a young female intern below.
So, a guarantee of a full time start is effectively committed to by a firm almost two years in advance. Reversing this supply chain, reducing the number of chassis coming down the assembly line ready to be made into luxury sedans upon graduation and initiation into the firm, takes more than just flipping a switch. There are offers already made almost year ago after internships, there are commitments to interns that will expecting offers at the end of the following summer, there’s a schedule already committed to with universities for both intern and full time recruiting, there’s potentially higher acceptance rates when times get tough and lower rates of attrition for existing incumbents, there’s the impact of involuntary terminations, and, finally, just plain unexpected circumstances. Twenty-two year olds are still a somewhat fickle bunch, more so nowadays as part of the Millennial generation, even if they are otherwise more conservative, risk averse, top graduates of accounting programs.
I have heard that recruiting schedules for full time positions have been restricted at some schools for only previous interns for a particular firm. And I have heard that graduates are either being asked to consider other offices or restricted from interviewing at other offices, depending on that particular firm’s needs.
Big 4 firms have been laying off for a while. Whether the assignments and reallocation of work that is occurring because of the financial crisis and bailout change the needs of individual firms is anyone’s guess. You see, they’re just not that good at redeployment. And we can see they’re not that good at revenue forecasting and estimating the staffing to go along with it for any extended time horizon.