Morrison & Foerster has frozen associate salaries, and revised its associate discretionary bonuses to as low as $6,000 for 2008.
All 2008 bonuses will be paid on February 27th, but “evaluation-based bonuses” are being revised. Hours-based bonuses for everyone, and discretionary bonuses for New York-based associates, will stay the same.
The discretionary bonus structure announced in May ranged between $25,000 and $80,000. The revised structure for 2008 ranges between $6,000 and $62,000.
The firm is also freezing associate salaries for 2009. But associates living in New York could receive what would have been their 2009 raise as a bonus sometime in 2010.
Morrison & Foerster LLP has more than 1,000 lawyers in 19 offices. The firm was founded in San Francisco in 1883.
Posted by Erik Even
on February 20, 2009. Filed under Home,Law Firm News,Legal News.
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