Two months ago, we only witnessed West Coast law firms deferring their summer classes. Today, large legal firms rooted in the East Coast and Midwest, including Cadwalader, Wickersham & Taft, Katten Muchin Rosenman, and Dechert, have reportedly joined the trend as well. Dechert, for instance, offers deferrals for its 2024 class until 2025. Reported by law.com
The trend, it seems, may keep moving eastward. This spread is speculated by many legal industry observers. The cause behind this trend might be the overcapacity of associates, which has been unsettling the Am Law 100.
Decipher’s Greg Hamman stated: “The largest driver of cost savings would stem from a reduction in the size of a firm’s new associate class.” What this indicates is a strategic move by these firms to control costs more efficiently by adjusting intake numbers.