New York's law firms and investment banks have a grand tradition of entertaining their summer associates with fancy dinners, boat rides around Manhattan and barbecues on city rooftops.
But this year promises to be different. Corporate event planners in all industries still want to show their associates and interns a good time, but the lavish bashes of just three years ago are history. Most companies with summer programs have pared their budgets, and many have cut back on the number of interns because of the brutal business climate. Law firms-considered among the most devoted entertainers-have slashed the ranks of summer associates by as much as 50 percent this year, according to the New York Law Journal. That means no more lavish lunches for second-year law students at Le Cirque 2000.
In 1999, Waldy Malouf provided raw bars, fine wines and trendy cocktails at his eatery Beacon to summer associates at $140 per person, and had to turn business away. This year, he says companies have been slow to book at all.
Event planner Jennifer Gilbert, president of Save the Date, says her clients, including some of the city's top law firms, are staging fewer parties for associates, and all are budget conscious.
Not all firms are cutting back. Morgan & Finnegan, a firm with close to 100 attorneys, will entertain 15 associates this summer, the same as last year. On tap are tickets to the Broadway musical Chicago with a pre-dinner meal at Cit?, a sail around New York
Harbor, and a barbecue atop the Metropolitan Hotel.
Even in the tough economic climate, summer entertaining serves an important purpose, and firms take it very seriously, says Suzanne Krebs, manager of legal recruiting for Morgan & Finnegan. And so do their young recruits. "They decide if they like us," she says. "And we decide if we like them."
The American Society of Magazine Editors has cut the ranks of its summer intern program to 35 from 45. It will have that many fewer attendees at its annual "fancy lunch" at the Princeton Club, making it easier on the nonprofit's budget, says ASME assistant director Andrew Rhodes.
But firms still want to have fun. Hot are barbecues, cocktail parties and interactive events like bowling. "We like to do anything that has a bent toward the outdoors," says Jill Danis, president of event firm Danis & Danis. "[Clients] like anything that has the feeling of fun and enjoying the pleasurable surroundings." High on Danis' list are venues near the water at places like Bridgewaters and Sequoia in South Street Seaport.
Save the Date's Gilbert is trading wine for martini tastings this summer. "The most common question I get is, can I do something new and different?" she says.
The need to penny pinch boosted sales last year at Bowlmor Lanes, and business is holding steady this year. "Our summer is going to be packed," says Jessica Setford, the bowling alley's vice president of corporate sales. It's easy to see why: There's little direct competition and it's a casual way for partners and recruits to size each other up. Prices per person, with a dinner buffet and drinks, start at $65 for a three hour soir?e.
Artie's Deli on the Upper West Side enjoyed some juicy bookings from law firms last year and expects more this summer, says co-owner Jeffrey Bank. They're attracted to his New York-style deli, and prices start at $12 for a pastrami sandwich, soda and fries. "We're at the right price point," he says.
Firms still want some fancy events, but they're looking for deals. Malouf of Beacon is giving 20 percent discounts until Labor Day for summer associate parties for key customers like Paul, Weiss, Rifkind, Wharton & Garrison and White & Case. "We expect more casual stand-up events with hors d'oeuvres as opposed to sit-down dinners," he says. "They can bring in more people at less cost per person."
—Louise Kramer
3 Budgets, 3 Ideas
ON THE CHEAP: Neighborhood Tasting Tour
Give summer associates a taste of New York—and a history lesson—with a walking tasting tour of ethnic neighborhoods. Choose an area of special interest for the group, and NoshWalks' Myra Alperson will create a custom tour with stops at local restaurants, shops and points of interest. Price: starts at $300 for groups of 15.
MID-PRICE: On Broadway
After a show, have a party where the stars continue to entertain guests. Showtix Group Sales can get 10 actors from
Broadway shows like 42nd Street and Hairspray to your party to sing around a piano, dance and mingle with guests. Price: $5,500 and up.
SPLURGE: Play Ball
Rent out the Brooklyn Cyclones' ballpark and have everyone play a round of baseball. Serve traditional ballpark fare like hot dogs and popcorn, or step it up a notch with a full-service buffet from caterer Aramark. Price: At least $10,000.
—Jill Musguire
These stories originally appeared in the summer 2003 issue of the BiZBash Event Style Reporter newspaper.
But this year promises to be different. Corporate event planners in all industries still want to show their associates and interns a good time, but the lavish bashes of just three years ago are history. Most companies with summer programs have pared their budgets, and many have cut back on the number of interns because of the brutal business climate. Law firms-considered among the most devoted entertainers-have slashed the ranks of summer associates by as much as 50 percent this year, according to the New York Law Journal. That means no more lavish lunches for second-year law students at Le Cirque 2000.
In 1999, Waldy Malouf provided raw bars, fine wines and trendy cocktails at his eatery Beacon to summer associates at $140 per person, and had to turn business away. This year, he says companies have been slow to book at all.
Event planner Jennifer Gilbert, president of Save the Date, says her clients, including some of the city's top law firms, are staging fewer parties for associates, and all are budget conscious.
Not all firms are cutting back. Morgan & Finnegan, a firm with close to 100 attorneys, will entertain 15 associates this summer, the same as last year. On tap are tickets to the Broadway musical Chicago with a pre-dinner meal at Cit?, a sail around New York
Harbor, and a barbecue atop the Metropolitan Hotel.
Even in the tough economic climate, summer entertaining serves an important purpose, and firms take it very seriously, says Suzanne Krebs, manager of legal recruiting for Morgan & Finnegan. And so do their young recruits. "They decide if they like us," she says. "And we decide if we like them."
The American Society of Magazine Editors has cut the ranks of its summer intern program to 35 from 45. It will have that many fewer attendees at its annual "fancy lunch" at the Princeton Club, making it easier on the nonprofit's budget, says ASME assistant director Andrew Rhodes.
But firms still want to have fun. Hot are barbecues, cocktail parties and interactive events like bowling. "We like to do anything that has a bent toward the outdoors," says Jill Danis, president of event firm Danis & Danis. "[Clients] like anything that has the feeling of fun and enjoying the pleasurable surroundings." High on Danis' list are venues near the water at places like Bridgewaters and Sequoia in South Street Seaport.
Save the Date's Gilbert is trading wine for martini tastings this summer. "The most common question I get is, can I do something new and different?" she says.
The need to penny pinch boosted sales last year at Bowlmor Lanes, and business is holding steady this year. "Our summer is going to be packed," says Jessica Setford, the bowling alley's vice president of corporate sales. It's easy to see why: There's little direct competition and it's a casual way for partners and recruits to size each other up. Prices per person, with a dinner buffet and drinks, start at $65 for a three hour soir?e.
Artie's Deli on the Upper West Side enjoyed some juicy bookings from law firms last year and expects more this summer, says co-owner Jeffrey Bank. They're attracted to his New York-style deli, and prices start at $12 for a pastrami sandwich, soda and fries. "We're at the right price point," he says.
Firms still want some fancy events, but they're looking for deals. Malouf of Beacon is giving 20 percent discounts until Labor Day for summer associate parties for key customers like Paul, Weiss, Rifkind, Wharton & Garrison and White & Case. "We expect more casual stand-up events with hors d'oeuvres as opposed to sit-down dinners," he says. "They can bring in more people at less cost per person."
—Louise Kramer
3 Budgets, 3 Ideas
ON THE CHEAP: Neighborhood Tasting Tour
Give summer associates a taste of New York—and a history lesson—with a walking tasting tour of ethnic neighborhoods. Choose an area of special interest for the group, and NoshWalks' Myra Alperson will create a custom tour with stops at local restaurants, shops and points of interest. Price: starts at $300 for groups of 15.
MID-PRICE: On Broadway
After a show, have a party where the stars continue to entertain guests. Showtix Group Sales can get 10 actors from
Broadway shows like 42nd Street and Hairspray to your party to sing around a piano, dance and mingle with guests. Price: $5,500 and up.
SPLURGE: Play Ball
Rent out the Brooklyn Cyclones' ballpark and have everyone play a round of baseball. Serve traditional ballpark fare like hot dogs and popcorn, or step it up a notch with a full-service buffet from caterer Aramark. Price: At least $10,000.
—Jill Musguire
These stories originally appeared in the summer 2003 issue of the BiZBash Event Style Reporter newspaper.
