Addleshaw Goddard, which cut 19 partners in February and 85 staff in March, saw a 30.8% plummet in partner profits in fiscal 2008; and turnover fell 11.4% to £173.3 million ($285.5 million). Profits per equity partner nosedived from £586,000 ($958,000) to £405,000 ($663,000). The firm is considering reduced work hours and unpaid sabbaticals. There is already a [...]
Continue reading...Saturday, March 14, 2009
Ashurst has slashed pay for its incoming class, and is freezing salaries for all non-partner lawyers and support staff. Trainee solicitors who qualified with Ashurst this month will receive salaries of £60,000 ($83,800), as opposed to the £65,000 ($90,800) last year’s intake received. All other lawyers and support staff will see their pay bands held at [...]
Continue reading...Wednesday, February 25, 2009
A tipster tells Above the Law that, four days after laying off staff positions, Buchanan Ingersoll is freezing associate salaries. Buchanan Ingersoll announced a salary freeze for 2009 for all associates except “unusual” cases, e.g., laterals who were brought in at what is now perceived to be slightly undermarket salaries last year may get bumped a [...]
Continue reading...Thursday, January 22, 2009
Above the Law reported two weekends back the rumor that Biglaw colossus Mayer Brown would freeze salaries for 2009. Now it’s official. As most of you know, we have instituted various prudent and significant cost-cutting measures in recent months. As part of this effort, we have decided to keep base salaries for associates progressing to the [...]
Continue reading...Saturday, January 10, 2009
Anonymous sources are telling Above the Law that their 2009 paychecks are identical to their 2008 ones — with no actual announcement of a salary freeze. Which is really pissing people off. ATL identifies the culprits as Biglaw firms Mayer Brown of Chicago, DC’s Steptoe & Johnson and NYC’s Stroock & Stroock & Lavan LLP. Today was [...]
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Friday, July 3, 2009
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