Citing client concerns with billing practices, Reed Smith announced a new compensation plan today. The new plan, which the company cleverly named CareeRS, separates associates into three tiers and three compensation plans based on performance. Associates will either be junior, mid level or senior, depending on how well they have demonstrated “core competencies”. Founded [...]
Continue reading...Tuesday, October 20, 2009
Squire Sanders has joined the march away from lockstep compensation, and will implement a merit based pay system starting next year. Details are still being worked out. The firm says the move away from lockstep is due to the changing economy and the expectations of clients. Squire Sanders has had a rough year. [...]
Continue reading...Tuesday, July 14, 2009
Morgan Lewis has announced a series of steps designed to save cash, including the complete cancellation of its 2010 Summer Associate Program. The firm will do no on-campus interviewing this Fall; and current summer associates are seeing their start dates pushed back to 2011. The firm also intends to end lock-step compensation in 2010, switching to a [...]
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...Monday, April 27, 2009
Nixon Peabody, which laid off 20 attorneys and 36 staff in February, is now cutting salaries. All associates, including incoming and summer associates, will see a reduction to $145,000 in Boston, Washington DC, New York, Chicago and California; less in other locations. There will also be additional performance-based cuts. Meanwhile, associates can look forward to merit-based bonuses, [...]
Continue reading...Monday, March 16, 2009
Many law firms are using the economic meltdown as an excuse to end seniority-based pay for associates, adopting “merit-based” systems similar to those used outside the legal profession. Examples in the US include Orrick, Herrington & Sutcliffe, Shearman & Sterling and WolfBlock. Firms are also cutting salaries for starting associates, just two years after top firms raised [...]
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Tuesday, October 27, 2009
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