According to an article in the AmLaw Daily, “offer rates to summer associates jumped from a historic low of 69 percent in 2009 to 87 percent in 2010, according to NALP figures. The one-year surge almost restores hiring statistics to pre-recession level. In 2008, the last summer before the crash, offer rates stood at 90 percent.”
The key words here are OFFER RATES. These statistics simply point to a correction in summer class size, not necessarily an increase in the number of job opportunities. The summer classes of 2009 were interviewed and set in the fall of 2008, while the bottom was falling out of market and the true impact had not yet fully hit hiring departments. Offer rates were low because the classes were still large. According to another AmLaw Daily article, summer class sizes in 2010 shrank almost 44%.
Simple math – smaller class size equals higher offer rates. I believe the increase simply means that firms are continuing to be conservative in summer associate class sizes to protect against the speculative hiring risk inherent with a two-year recruiting cycle.
Of course, some firms are moving away from this risky model altogether and trying something new . . .