San Francisco, California’s Howard Rice cut all associate salaries by 10% last month.
Incoming associate salaries were cut from $160,000 to $145,000. Fourth-years now make $170,000, and seventh-years make $225,000.
The firm says it is just bringing its salaries into line with competitors like Morrison & Foerster, DLA Piper and O’Melveny & Myers.
Howard Rice froze its billing rates 18 months ago.
Founded in 1954, Howard Rice Nemerovski Canady Falk & Rabkin employs almost 100 lawyers.
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Tony
That a pretty big pay cut, but it is understandable. I mean at least they are still keeping their jobs; I would rather have a pay cut then have no job at all. Although, in this economy they are going to have to live with the cuts ad possibly more as the economy keeps tumbling downwards.
That’s not too bad. I makes perfect since to cut back because consider how the US economy is doing right now. I believe eventually these companies that are downsizing will be returning to their former status. It’s just going to take time.