Hard as it may be for those who follow the legal profession to believe, the economy for the past year has been a tad rough. So says a slew of headlines, article and blog posts around the net this week. So before I fill you in on the predictions and prognostications of experts, [...]
Continue reading...Monday, November 23, 2009
First year associates at Haynes & Boone will be starting after Thanksgiving, but at a reduced rate. The firm emailed its incoming associates and informed them that the salary for first years has been cut to $145k. The firm says that it has not decided on a pay structure for 2010 yet so [...]
Continue reading...Thursday, November 19, 2009
If you’re an associate at Skadden Arps, the good news is not only do you still have a job, you’re getting a bonus for surviving the year. The not so good news is that it’s the same as associates from Cravath and Cleary. There had been some hope that Skadden would buck the [...]
Continue reading...Monday, November 16, 2009
Render unto Caesar what is Caesar’s, or so the expression goes. Now Reed Smith is asking much the same of its non equity partners. Non equity partners are being asked to contribute as much as 15% of their base salary to the company or risk losing partnership status. Gregory Jordan, the firm’s [...]
Continue reading...Tuesday, November 10, 2009
Stick this one in the “It could be worse…” file. At an all associates meeting today, Covington & Burling announced a freeze on associate salaries for all offices other than New York. Although Covington’s associates are probably not thrilled with the news, things could be worse. If Covington can reign in costs without having [...]
Continue reading...Monday, November 9, 2009
Day Pitney has laid off 29 staff memebers in its third round of layoffs this year. In may, the firm let go of 20 lawyers and deferred incoming associates and in February it cut 66 staff positions. According to the firm, there won’t be any more layoffs this year and none are anticipated [...]
Continue reading...Monday, November 9, 2009
According to a report issued by the National Law Journal, the top 250 law firms cut 5,259 attorney positions this year in the worst year since the NLJ began compiling the statistics. The firm shedding the most jobs was Latham & Watkins which has 444 fewer lawyers than last year. The number of [...]
Continue reading...Friday, November 6, 2009
Cleary Gottlieb Gottlieb has confirmed their bonus schedule for this year, which falls right in line with Cravath. Cravath was the first major law firm to announce its year end bonuses. The bar was set so low by Cravath that it’s no great feat for other firms to meet it. Gottlieb Like Cravath, bonuses [...]
Continue reading...Wednesday, November 4, 2009
In a firm wide memo sent out today, Dickstein Shapiroannounced that three percent of its associates and ten percent of its staff would be laid off. Affected personnel will be notified later today. The firm did not hide behind performance reviews or make excuses for the layoffs; the memo made it very clear [...]
Continue reading...Monday, November 2, 2009
Cravath Swaine & Moore has officially kicked off this years bonus season. It should come as no surprise that bonuses are lower than last year. The class of 2008 will get a $7500 bonus, and the class of 2002 caps out the bonuses at $30,000. On the one hand, these are low. On [...]
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Thursday, December 10, 2009
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