Reed Smith is decimating associate salaries, cutting pay 10% across the organization. From the memo: …Reed Smith has adopted many changes to our business in response to global economic conditions… Among other things, this has meant lower compensation levels for partners. Today, we are announcing another change which we believe is appropriate to further sound business operations. [...]
Continue reading...Tuesday, May 19, 2009
Despite seeing its best financial results ever, UK law firm DWF has frozen pay and canceled bonuses. The firm was skewered online in December, when it announced it would spend £5 a head ($7.74) on its Christmas party. If you have any details about the state of things at DWF, please send us a confidential tip! DWF LLP [...]
Continue reading...Tuesday, March 17, 2009
McDermott Will & Emery associates have been paid their 2008 bonuses, with fourth years getting up to $60,000. However, the firm has announced that associate salaries will be frozen for 2009. In February McDermott laid off 60 associates and 89 staffers. McDermott Will & Emery LLP, founded in 1934, is a prestigious international law firm headquartered in Chicago, [...]
Continue reading...Monday, March 9, 2009
London’s Allen & Overy will only retain 70% of its trainees for September 2009 and March 2010. The Magic Circle firm has not made a final decision about the retention rate, and said the figure was a “working assumption in light of the current financial climate.” Allen & Overy retained 86% of its trainees in 2008, 90% [...]
Continue reading...Monday, March 9, 2009
Burges Salmon has announced a redundancy consultation that could see 18 lawyers lose their jobs. The firm has also launched a review of its business support function, and has frozen salaries for support staff at 2008 levels. Lawyer salaries are currently under a review with a decision expected to be made by September. The Bristol, UK firm said [...]
Continue reading...Wednesday, February 25, 2009
The Am Law 100’s Stroock & Stroock & Lavan, a firm with about 75% of its 750 lawyers in New York, saw profits per partner drop by 8.6%, to $1,185,000 last year. Stroock’s gross revenue dropped 6.7% to $270 million, a larger drop than most firms. Stroock has added several recent laterals, including a four-lawyer intellectual property [...]
Continue reading...Monday, February 23, 2009
Last week we reported that Allen & Overy, the UK’s fourth-biggest law firm by revenue, would cut as many as 150 lawyers, sever ties with its private client team, and freeze pay. Now Legal Brief Today reports that Allen & Overy will cut 450 jobs at a cost of £44 million ($64 million). The ‘magic circle’ firm [...]
Continue reading...Friday, February 20, 2009
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 [...]
Continue reading...Thursday, February 19, 2009
Allen & Overy, the UK’s fourth-biggest law firm by revenue, will cut as many as 150 lawyers, sever ties with its private client team, and freeze pay. The cuts include 47 partners, or 9% of its total. Another 37 partners will be “subject to equity adjustments” in response to market conditions. The firm’s private client team will [...]
Continue reading...Saturday, February 14, 2009
Above the Law reports that K&L Gates held a meeting Friday to discuss, amongst other things, salary freezes. Earlier today, associates at K&L Gates attended a town hall meeting with Peter Kalis, chairman and global managing partner. Kalis provided an overview of where the firm stands and announced steps that will be taken to deal with [...]
Continue reading...
Sponsored by |
Wednesday, May 20, 2009
1 Comment