They're Back: Rescinded Job Offers

 Many in the legal sector recall the tragedy of rescinded offers during The Great Recession. It was brutal.

Those mostly happened to new JDs. Of course, since they assumed they had a job, they weren't looking for one. Then, the offer went poof. And there they were in marketplace that was harsh to inexperienced and junior lawyers. About 6,000 were put out there on the street in 2009. When the recovery kicked in, who were hired were laterals and the fresh crop of graduates. Some of those from the JD Classes of 2008 and 2009 who had their job offer snatched back had to put together other career paths.

Now, as TechCrunch reports, that grim phenomenon of rescinded offers is playing out at Coinbase, the third-largest crypto exchange. Some of those who thought they had jobs and now no longer do will be given some severance (details not provided) and some job-search assistance with resumes and how to interview. 

Already, rescinded offers have occurred at Meta and Twitter. There had been anecdotes on LinkedIn and other social networks of leases signed, then boom, the notice that there is no job.

As for layoffs of those who are already on the job, TechCrunch notes that in May there had been 15,000 who are now out in the cold. There's a glut of unemployed in tech. That, of course, makes it more difficult to land comparable work.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She helps business tell their unique stories. Complimentary consultations available.

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