SYRACUSE, N.Y. Hancock Estabrook has initiated a Student Loan Repayment Assistance Program for its younger attorneys. Under the program, Hancock Estabrook will contribute a monthly amount to qualifying Associates and Income Partners to help them pay back their education debt.
The purpose of the program is to enhance the firm’s ability to attract and retain talented young lawyers by acknowledging and addressing the financial challenges faced by this demographic. According to higher education experts, law school graduates arrive at law firms with an average of $185,000 in student loans. The Society for Human Resource Management (SHRM) reports that only about 3% of companies in the U.S. offered to help employees with their loans in 2016. Rather than just offer its employees various options and information on repayment programs, Hancock Estabrook is providing its valued lawyers with direct financial support.
Managing Partner Janet Callahan states, “We recognize that our younger lawyers are struggling with student debt and we hope to provide them with some relief through this program.” The firm views the repayment assistance as another of the benefits it offers its lawyers, which includes programs like flexible work and parental leave arrangements, among others.