Profession
City firms are offering trainees cash incentives to defer their places and take a year’s sabbatical in response to the recession.
Norton Rose is offering students scheduled to begin their training contracts in September the chance to take a year out with £10,000 of the firm’s money.
Penningtons is offering deferral plus a bursary of £5,000 to its 2009 and 2010 intake. Four out of ten of its 2009 trainees and one of its ten 2010 trainees have so far taken up the offer. A spokesperson said the firm had taken the decision “in response to the economic situation” and because the firm felt “there would be more good quality work around” at a later stage.
DLA Piper is offering its trainees £5,000 to defer their place. Lovells is offering trainees the option to defer, and is offering incentives on a sliding scale of up to £5,000 (£2,500 if the trainee takes six months out). Linklaters has not yet decided if it will follow suit.
Currently, the trend appears to be unique to City firms. National law firm Pannones, which has 19 trainees due to start in September, said it would not be asking trainees to defer. However, training partner Andrea Cohen added that “as in previous years” such requests would be considered from trainees.
