By Bindu Liang 

When law firms began deferring incoming associates of the Class of 2009 clerk's start dates until 2010 in early 2009, complete with a fat check to spend a year however they desired, it sounded like a golden year for those clerks. Who hasn't had dreams of traipsing across Europe or perhaps southeast Asia for a year (even doing some humanitarian work while traveling) before jumping into a legal career - particularly if it is prepaid.  Now however, the gilt has worn off and those clerks are nervously hoping their job offers have not somehow lapsed.

The Class of 2010 are stuck with an even starker reality - far fewer summer clerkship opportunities. It is such a widespread phenomenon that the ABA law journal has labeled it the "the lost year."  Summer clerkships at large firms have been reduced so significantly that only about half of the positions normally offered will be available. As a result, the competition is more stiff than ever as law firms have access to the class of 2009, the class of 2010 and the numerous laterals in transition. In fact, the compression will cause competition for jobs between the two years for the foreseeable future.

For the majority of class of 2010 students, this means having to set aside expectations for a "summer clerkship at a large firm" and become more creative in securing positions for the summer of 2010. Options include: (1) clerking for the government - U.S. Attorneys Office is a great place albeit no pay; (2) clerking with a non-profit organization; (3) clerking with a judge (even lower court state judges); (4) clerking with in-house counsel; (5) study abroad; (6) legal clinics at your law school or (7) working with a law professor. Although most of these positions are unlikely to result in a permanent position, they do provide excellent contacts and an advocate in your job search come fall of 2010. Learning to network now is an invaluable skill that will only grow more useful throughout your legal career.

On a related note, for those of you concerned about paying the massive loans that often come along with a law degree in the event you don't immediately find a job -- the government will help you out for federal loans.  It should also give some encouragement for those of you planning to take a leap of faith and start a solo practice (or with a few of your law school friends) after graduation - do it! (just don't commit malpractice)