If nothing is in writing it doesn't matter if they say you can work for them or if you say you will work for them. They aren't in a legal bind until anything is signed. Has your offer actually been rescinded, or you just haven't got the paperwork yet? If it is the latter, I would recommend not getting too worried and see how it plays out. If the former, tough luck I guess.

 

It would be pretty unprofessional of any organization to give you a verbal offer and then rescind it or not send you a packet at some point. I highly doubt that would happen, but if it does, I guess refer back to my first post. You should be pretty safe if they call and give you an offer, especially if it is a BB, not a tiny boutique that could be subject to much more hiring volatility.

 

An oral agreement is binding assuming there is "offer," "acceptance," and "consideration". They have made you a verbal offer, which under contract law is the "offer" portion. You now have to look at the "acceptance" portion of the contract. I imagine you accepted verbally over the phone or via email. In order for them to rescind the offer, which they can do at anytime, they must notify you either by written communication or oral communication. In short, your offer remains valid until you're notified it has been rescinded.

I received my SA offer at a BB in person a bit before the recruiting season. I accepted the offer verbally and waited two months before I got a contract because the normal recruiting period needed to occur for other candidates.

 

Nothing cracks me up more than a purely theoretical discussion of the law. Good luck trying to prove that in a court of law/find a lawyer to take on your case.

I wouldn't worry about it OP. Any BB/sizeable MM will have strict internal procedures in place to ensure that they do not make an offer (verbally or otherwise) unless they can fulfill it.

 

Call her. It's simple. But now it's Friday after-hours and you'll have to wait until Monday.

It seems that many of these posts have the same story "I e-mailed but no response; what should I do?" I learned quickly, once I started FT, that e-mail is too passive for most things. A phone call can make all the difference and it is far easier to "read between the lines" when you can hear the person speak.

Good luck.

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If it's a reputable boutique then I would not worry. I interned at a well-known MM boutique last year and did not receive a written letter until my first day of work. Everything was verbal / e-mail and I was a little concerned at first, since I had to move to a new city on essentially faith in their words, but everything worked out fine. I think a MM boutique of reputable nature would not be so petty in screwing you over in your particular scenario. If it was a small 5 man shop or a BB where you could get lost in the shuffle, that's a different story.

 

I'm in a similar situation with my boutique. Been speaking with HR about housing, etc. but still haven't received a formal offer. In my case I think it's because my program does not have a formal HR recruiter, but someone in Fixed Income doing double-duty and coordinating the SA program.

 

If he said that you'd get a written offer in the next day and you haven't received it within 3 days, then give him a call and just check in to see if it has been sent out. You won't be annoying anyone, but if there are time constraints on the offer, you don't want to lose time or, potentially, lose out since you never received anything to look at and accept in the first place. I would not call and try to accept without receiving the written letter - if you don't receive it within 3 days, then give him a call and just check to see - maybe there's been a slight delay and it's on its way now - don't get worried.

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Best Response

Doubt it. Firms want to keep their reputations and reneging on a verbal offer would look really bad. I went through a similar situation having turned down offers that I had in writing from BB's for a verbal offer from a competing BB. They assured me that they had NEVER reneged on a verbal offer and sure enough I got a written offer while I was out of the country.

That being said, I think that a smaller firm would be more likely to do this. If you think about it, a BB is not going to take the risk of ruining its reputation in order to take away one offer and give it to someone else - the change would have little to no impact on the firm. On the other hand, if a small firm gives out an offer but then finds a more qualified candidate, they would be more likely to put their reputation on the line because one analyst will have a bigger impact on their business.

Bottom line: I wouldn't worry.

 

aachimp I understand what you are going through right now particularly with the economy. I have had a verbal offer since Early November but I was told to expect something this month. You have to remember that it still is early in the season for SA positions and if the particular firm does not have a formal program then you have to realize your internship paperwork goes to the end of the line I think. Just keep in touch with you contact once every couple weeks that sort of thing.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
 

I didn't receive any written offer for my SA role, just an oral offer. All I did was e-mail the guy who gave me the offer asking for some form of written confirmation and later that day I got an e-mail from the Head of Research confirming the role.

 

Hey all. Just got an update from my advisor. He said that we can do all the paper work on the first day I come in...should I just take his word or perhaps ask for official documentation prior to work?

 

I'm going through the very same - verbal offer beginning of May, still waiting for the written. Just drop a quick email to the person who offered you the spot seeing what the delay was. Be careful not come off as needy or anything, but who knows - maybe they mistyped the email and are still waiting for your own reply?

 

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