Hospitality Industry Suffers as Law Firms Cut Parties for Summer Associates
Law students searching for summer associate positions aren’t the only ones feeling the pinch from tight law firm budgets. As law firms hire fewer summers and cut back on the parties, the hospitality industry is also suffering.
Save The Date in New York City arranges events for summers at investment banks and law firms. Its founder, Jennifer Gilbert, has seen a two-thirds cut in the average budget her clients had for a summer of eight to 12 events, Time magazine reports.
Gilbert told Time that a major law firm has hired Save the Date for just one large-scale event this summer: a dinner and wine tasting that will be cooked by a well-known chef that will cost about $25,000.
Lawyers with two other law firms told Time about cuts. One said there were 114 summer associates in her 2007 class, and they went to a party at Central Park Zoo and a daylong event at a country club. This year the firm has only 60 summer associates, and it has no plans for the elaborate events it once hosted. Another lawyer said her law firm is spending between $35,000 and $50,000 on summer associate events, but that’s $45,000 less than it budgeted just a few years ago.
Topics: Career & Practice
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