Baltimore’s Venable is cutting salaries across the board, affecting all lawyers and staff, including partners.
Base compensation for our first year associates is being cut from $160,000, formerly the Biglaw standard, to $145,000. The base compensation for all other associates will be reduced by 8%, with a floor of $150,000 and $155,000 for second year and third year associates, respectively.
Base compensation for all of counsel will be reduced by 8%.
All non-equity partners will see a base compensation reduction of 8%, excepting those that are on track that meet the firm’s 1800-hour billable hour standard.
Senior staff will have a base compensation reduction of 8%. All other non-legal staff will be unaffected.
The profiles for equity partners were set at 5% below last year’s earnings at the beginning of the year. The final compensation decisions for equity partners will be based on 2009 individual and firm performance.
All compensation adjustments will be effective July 11, 2009.
In March, the firm laid off 64 people and deferred incoming associates.
Venable LLP is a law firm, formerly known as Venable, Baetjer & Howard LLP. It was founded in Baltimore in the post-Civil War period. Today the firm maintains six Northeastern US offices and specializes in patent litigation, labor and employment law and white collar investigations. Venable employs nearly 600 attorneys.
Posted by Erik Even
on June 26, 2009. Filed under Home,Law Firm News,Legal News.
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