Recently signed an unpaid internship offer with a 10 men boutique. There's still a month before I get on board. I was wondering if there any chance the firm rescinds the offer? I don't have any reasons to believe they would but I have seen posts on firms rescinding offers. How much legal power does an offer letter really have?
| +158 | The "Not So Obvious" things that get you a return offer? | 18 | 4h | |
| +84 | Is my life over after not getting GS? | 19 | 49m | |
| +60 | Best IB group on the Street | 24 | 10m | |
| +52 | BIG FOUR ARE PARADISE | 13 | 9h | |
| +46 | Thoughts and tips on how to speak like an investment banker. | 23 | 6h | |
| +40 | Tell me one good reason why Jefferies isn’t going to be a top bank in the next 5 years | 20 | 18h | |
| +36 | UBS Outlook | 28 | 21h | |
| +35 | Georgetown Placement for 2024 and 2025 | 21 | 6d | |
| +31 | Highest Paid Bankers in Toronto? | 50 | 1d | |
| +30 | How to deal with egotistical team? | 6 | 2d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Not a lawyer but I would bet very little. Your offer letter most likely includes the phrase "employment at will" so they can terminate even after it's signed.
That said, why would they rescind it? No cost savings of doing so if you cost $0...
As @"LSOMonkey" said, if you're at will, they can terminate whenever they please. They probably won't because you're unpaid, but they could, just as any employer could.
Why are you sweating an unpaid internship? Don't sweat an unpaid internship
The offer letter is probably also non binding, which means it means nothing.
It has as much legal power as this post telling you it has none
"unpaid internship offer with a 10 men boutique"
"Unpaid internship with a 10 man boutique" = intramural flag football league
You guys are being a bunch of assholes. Good for you getting something, its hard to break into anything at the beginning. AnExtraodinaire and Bootstrap, stop being the quintessential finance loser who cares too much about prestige. Thats how we get a bad rep, and you aren't going to go anywhere in life putting people down. Schwartzman himself said the other day that being nice was more important than prestige or an MBA. Guess you'll be feeling pretty stupid when you are still model jockeys at the age of 45...
Google "promissory estoppel state". Then do me and your career a huge favor and never breathe a word of the fact you looked it up to anyone you work with or do business with.
. And do your lawyer and the legal system a huge favor and don't sue over a summer internship. Especially an unpaid one. . . Edit: The MS wasn't me. And I get it that you guys are worried as folks who haven't broken in yet. I just think a lawsuit or a threat of legal action is a bad career move 98% of the time. (The one time I think it's forgiveable is in a failure to pay as agreed situation). As you guys get older and wiser and further on in your careers, you'll agree with me too.
If it eases your mind, the fact that it's unpaid is in your favor in that it's only costing them their time. While yes, time can be more valuable to some than money, it's not showing up as an expense to them. Free help is most always appreciated. I certainly would be hard pressed to turn it down. Go in with a positive attitude, a willingness to learn and work hard and you'll do just fine.
Lawyer here. It's not a contract. Not enforceable in court.
And its not promissory estoppel. No judge or ethical lawyer will allow you in court anyway.
What if the OP has washed his hands and trimmed his nails?
Qui omnis architecto natus est vero repudiandae. Occaecati voluptatem amet ut sint reprehenderit.
Aut occaecati culpa aut nihil inventore soluta. Reprehenderit et delectus omnis consequatur ut illo rerum quos. Accusantium voluptas dolore deserunt eum voluptatum. Eligendi quasi dicta molestiae aliquam velit. Rerum sed vel ea hic.
Culpa voluptatem aliquid animi praesentium esse sequi adipisci. Quam neque et aut asperiores sit fugiat.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...