Morgan Lewis cancels its summer program and OCI for 2010; Paul Lippe thinks 'many, many' firms will follow suit:
OCI is not just any activity for a big law firm. It is, in the language of modern business, the core process of a large law firm. The whole value proposition of a large law firm is built around the syllogism: "We hire the smartest people from the best schools. They work the hardest and do the best work. And we charge the most money." The whole profitability model has been built around charging for the time of young lawyers. If firms cease--or even suspend--this hiring process, it will have big implications for their identity.
-posted by brian
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