Looking Outside for In-House Training
The typical career path for an in-house attorney involves working at Biglaw and, after a couple of years, moving in-house. But now, according to this press release, U.S. banking giant Citigroup plans to formalize this tradition, with a newly announced training venture that it's formed with megafirms like Cleary, Bingham and Paul Weiss. According to the press release, Citigroup will recruit and hire the candidates for the program from law school, then detail them to the law firms for two years of training, at law firm salaries and a $35,000 signing bonus. Upon completion of the program, the participants will be offered a vice president position at Citigroup.
Seems like a win-win situation for all parties involved. Citigroup gets its pick of the law school litter and free training from top firms. And the law firms that train the graduates ensure that they'll have an inside track to business at Citigroup when the associate returns to the bank at the end of the two-year law firm stint.
According to the article, Citigroup is rolling out a pilot version of the program for this coming summer, hoping to bring on six trainees for the global wealth managment division. And eventually, the program may be expanded to encompass Citigroup's 1,100-member legal team.
Posted by Carolyn Elefant on September 28, 2006 at 04:45 PM | Permalink
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