Goodwin Procter’s gross revenues fell 4% in 2009 to $658 million and per partner profits dropped 3% to $1.27 million. Although discouraging, in a year marked by layoffs, deferrals and…
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…
Seyfarth Shaw is letting go of approximately 40 people, 20 lawyers and 20 staff. It’s been rough over at Seyfarth over the past year and they’ve taken several steps to…
Good morning everyone! Today is Thursday, January 14, and here’s a quick look at yesterday’s news… The Supreme Court ruled against televising the Proposition 8 trial… The Practicing Law Institute…
Kaye Scholer is cutting first year associate salaries to $145k, but unlike many other firms they aren’t doing it under the guise of abandoning lockstep compensation. Additionally, any associate that…
McDermott Will & Emery is moving to a merit based compensation system beginning in 2011. Like several other merit based plans we’ve detailed on these pages, this is a three…
Good morning! It’s Friday, January 8, and here’s a peek back at yesterday’s stories… Two firmsin the Carolinas have merged… California Governor Schwarzenegger has appointed three attorneys to state posts……
I think it’s time for some new terminology. Lockstep compensation referred in the past to associates moving up in pay scale in “lockstep” with their contemporaries. All associates from the…
Like many firms before it, Seyfarth Shaw is abandoning lockstep starting in 2011. Details haven’t been released, not even to the associates who must now spend next year trying to…
Two more firms have announced their bonus schedules and they’re a bit different from the Cravath scale. Sullivan & Cromwell is paying bonuses ranging from $7500 to $35,000 depending on…
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