Chadbourne & Parke revealed yesterday that 11 of its 2009 first-year associates, which had been deferred to a 2010 start date, will not be offered jobs with the firm. In a statement provided to Above the Law, the firm said it is unable to expand its first-year class even with the brightening economic outlook. “Despite improving economic [...]
Continue reading...Tuesday, January 19, 2010
Drinker Biddle is moving to a merit based pay system, becoming the latest in a string of major law firms to abandon lockstep compensation. Under the new plan associates in their second year and beyond are broken down into four tiers. Each tier has a baseline salary but the firm is quick to [...]
Continue reading...Thursday, January 7, 2010
Pillsbury’s first year associates outside of New York are receiving a salary cut, down to $145k. Any first year that bills in excess of 1950 hours will receive an additional $15k bonus. First years in the New York office will continue to receive $160k. Salaries for 2010 have not yet been set and for [...]
Continue reading...Friday, December 4, 2009
Up until this week, the scale for bonuses seemed pretty set in stone with every firm falling in lockstep with Cravath. But earlier this week Sullivan & Cromwell dared to be different. Of course, it’s only different if you’re a senior associate in which case you’ll get an extra $5000, small consolation for [...]
Continue reading...Wednesday, November 25, 2009
-Insert cookie cutter story here- Debevoise & Plimpton announced bonuses today. Second verse, same as the first… I’m rapidly running out of new and creative ways to say this, so here it is – it’s the same bonus schedule first issued by Cravath, then followed by Cleary Gottlieb, Skadden, Wilkie Farr, Simpson Thatcher, and Davis [...]
Continue reading...Friday, November 20, 2009
Seyfarth Shaw has told half of its deferred associates that they will not be starting in January as planned. Instead, they are being redeferred to October 2010, and will receive a stipend of $2000 dollars per month starting in January. If that wasn’t enough bad news, Seyfarth is also cutting the salaries of [...]
Continue reading...Tuesday, November 10, 2009
Just a few weeks after announcing it was moving away from lockstep compensation and doing away with associate classes, Reed Smith is cutting associate salaries by 20% for all incoming associates and reducing their billing rates by an equal amount. This move is certain to be popular with clients who are unhappy with paying [...]
Continue reading...Thursday, October 29, 2009
Incoming associates at Kaye Scholer will all start in January, right on (deferred) schedule. The only thing is, half of them will be paid $100,000 less per year than their colleagues. The class was divided based partially on practice group preference and to a certain extent, arbitrarily. Instead of extending the deferrals for half the [...]
Continue reading...Thursday, September 24, 2009
On Monday we reported that Alston Bird was deferring its deferrals again, indefinitely. Arent Fox has taken a different approach. Rather than indefinitely extend deferrals, the firm has chosen to revoke the offers of several new associates. Those whose offers have been revoked have been paid $20,000 in compensation. Arent Fox is a [...]
Continue reading...Thursday, July 23, 2009
Blawgs are reporting that Fulbright & Jaworski has laid off six associates and four staff at its Los Angeles office. Five of the associates targeted were first-years. If you have any details about layoffs at Fulbright & Jaworski, please — send us a confidential tip! Founded in 1919, Fulbright & Jaworski LLP employs over 1,000 lawyers in 16 [...]
Continue reading...
Sponsored by |
Thursday, March 18, 2010
0 Comments