A new survey of Australian law firm partners shows plummeting incomes and soaring stress levels. Mahlab Recruitment reports that partner salaries are down by over 5% in Sydney, and 4% in Melbourne. Last year, partners in both cities saw an 11% increase. The survey also says that firms have been quietly booting under-performing partners for the last [...]
Continue reading...Wednesday, August 5, 2009
Perkins Coie, which in April cut 12 attorneys and 26 staff, has announced minor salary cuts for associates. The cuts will average a mere 3.8%, and go into effect September 1st. In certain markets, the salary cuts will be deferred until competitors cut their associate pay. The firm intends to avoid having layoffs for the rest of [...]
Continue reading...Wednesday, July 29, 2009
Florida’s Holland & Knight is cutting salaries for associates and senior counsel. The firm says the cuts average 7% across all those effected; 10% for associates. This salary reductions are effective immediately. Holland & Knight is reviewing its associate compensation scheme, and intends to implement changes next year. Holland & Knight cut 70 lawyers and 173 support staff [...]
Continue reading...Monday, July 27, 2009
Atlanta’s Morris Manning, which recently canceled its 2010 Summer Associate Program, is slashing salaries based on how much work a particular practice group is bringing in. The real estate, commercial lending, and general corporate practice groups are taking 15% salary cuts. All other groups will see 10% cuts. Morris, Manning & Martin, LLP, is 175-lawyer firm with [...]
Continue reading...Monday, July 27, 2009
The University of California has announced a furloughs scheme beginning in September, affecting faculty at law schools, amongst others. The system is effectively slashing salaries by 4% to 10%. The plan requires faculty and staff to take up to 26 unpaid furlough days during the 2009-10 school year. One hundred and eight thousand employees of the [...]
Continue reading...Friday, July 24, 2009
Manchester, UK’s Halliwells, which in March launched a redundancy consultation targeting 30, is cutting attorneys’ working hours, but not adjusting its billable hours requirements. The firm is putting three quarters of its fee earners on a four-day week, with a commensurate 15% pay cut. But the firm is keeping billable hours targets unchanged, meaning attorneys must work [...]
Continue reading...Monday, July 13, 2009
Addleshaw Goddard, which laid off 19 partners in February and 85 staff in May, has approved new measures to save money on compensation. Some attorneys will work a four-day week and earn 85% of their normal pay. The firm is also offering sabbaticals, or extended time off at 30% salary. Salaries have been frozen until 2010. Addleshaw Goddard [...]
Continue reading...Friday, July 10, 2009
San Francisco, California’s Howard Rice cut all associate salaries by 10% last month. Incoming associate salaries were cut from $160,000 to $145,000. Fourth-years now make $170,000, and seventh-years make $225,000. The firm says it is just bringing its salaries into line with competitors like Morrison & Foerster, DLA Piper and O’Melveny & Myers. Howard Rice froze its billing [...]
Continue reading...Friday, July 3, 2009
A survey by the Dublin Solicitors Bar Association reports that 40% of new and low-level solicitors in the city have taken pay cuts averaging 15%; and 40% of incoming new solicitors have been laid off or lost their job offer. Furthermore, 40% (there’s that number again) are working without a contract; and 30% are considering changing [...]
Continue reading...Thursday, July 2, 2009
Blank Rome is cutting starting salaries for incoming associates. The rundown is as follows: New York City: $145,000, down from $160,000 Philadelphia & Princeton: $130,000, from $145,000 Wilmington & Washington DC: $135,000, from $150,000 Associates already with the firm will see their pay cut between 2% and 10%. The new salaries go into effect in two weeks. Blank Rome LLP is the [...]
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Monday, August 17, 2009
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