Phoenix, Arizona’s Snell & Wilmer, which in May laid off between 30 and 40 staff members, has now cut associate salaries by 10% across the board. The pay cuts are effective July 15th. The firm promises to pay performance-based bonuses later this year. Snell & Wilmer was founded in 1938 by Frank Snell Jr. and Mark Wilmer. [...]
Continue reading...Friday, June 12, 2009
Incoming associates at Cincinnati’s Frost Brown Todd will get a lower salary, although specific numbers have not been released. In addition, the new associates will spend their first 1,000 hours in an “apprenticeship program.” Clients will be billed at a lower rate for work done by “apprentices.” I keep putting the word “apprentice” in quotes because an [...]
Continue reading...Friday, June 5, 2009
Kilpatrick Stockton will cut associate salaries by 10%, effective July 1st. So, Happy Independence Day! Starting pay for associates will be cut from $145,000 to $130,000 in Atlanta and North Carolina, and from $160,000 to $145,000 in New York and Washington DC. The pay cuts reverse salary increases made in the beginning of 2008. They affect all [...]
Continue reading...Tuesday, May 26, 2009
![Sonnenschein to Slash Associate Pay [Update]](http://www.jdjournal.com/wp-content/themes/freshnews/thumb.php?src=http://www.jdjournal.com/wp-content/uploads/2008/12/sonnenschein_160x120.jpg&h=75&w=75&zc=1&q=95)
Sonnenschein Nath & Rosenthal plans to cut associate salaries, beginning June 1st. First year salaries, previously a Biglaw standard $160,000, will be reduced to $145,000. Sonnenschein seeks to make associate salaries performance-based, and will create an associate-partner committee to work out the details. This year, the firm will have a merit-based bonus program; bonuses will be paid [...]
Continue reading...Thursday, April 30, 2009
New York’s Skadden has announced it will not raise salaries for counsel in 2009. Associates will not be affected. The firm still intends to offer discretionary, merit-based bonuses. Skadden is offering all its associates, about 1,300 worldwide, the option of taking one-third of their base pay not to work for a year. The firm in March laid off [...]
Continue reading...Thursday, April 30, 2009
Linklaters is cutting pay for starting lawyers, and shrinking salary increases. The firm will pay new lawyers £61,500 ($91,300), down from £66,600 pounds in 2008. Associates will get salary increases of two to four percent based on seniority, down from six to 10%. Linklaters is freezing pay for non-lawyer staffers. Lawyers and staff may qualify for merit-based bonuses, [...]
Continue reading...Thursday, April 23, 2009
Chadbourne & Parke, which laid off 25 lawyers last month, has informed its attorneys and staff that salaries will be reduced starting in May. Details and numbers have not been released. The firm promises bonuses to make up part or all of the salary cut, based on an employee’s “financial performance and individual effort and contribution.” In other [...]
Continue reading...Saturday, March 14, 2009
London’ Simmons & Simmons is freezing associate pay starting May 1st. The firm is creating a special bonus pool to reward top performers. The City firm has not yet decided how to handle pay for incoming associates. Simmons & Simmons is a leading international law firm with over 2,000 employees, and 20 offices located throughout Europe, the Middle [...]
Continue reading...Thursday, January 8, 2009
Philadelphia’s Morgan Lewis & Bockius will adopt a merit-based bonus system for associates in 2009. The firm is doing away with its requirement that associates log 2,000 billable hours in order to receive a bonus, as well as any promises that reaching that mark will ensure a bonus. We still expect that an associate meeting our expectations [...]
Continue reading...Wednesday, December 17, 2008
![Latham & Watkins Freezes Salaries at 2008 Levels [Update]](http://www.jdjournal.com/wp-content/themes/freshnews/thumb.php?src=http://www.jdjournal.com/wp-content/uploads/2008/12/latham_160x120.jpg&h=75&w=75&zc=1&q=95)
Los Angeles-based Latham & Watkins is freezing 2009 salaries at 2008 levels. While we anticipate that the diversity of our practices and global reach will serve us well in the year to come, it seems clear that the global economy will continue to be challenged at least through 2009. As a result, we are modifying associate compensation as [...]
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Friday, June 19, 2009
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