Legal News

Associates’ Bonuses Drop In Bad Year For Legal Biz
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

From The American Lawyer:

Want an early look at how law firms will end 2008? Check out their associate bonus memos.

Of the 14 firms whose memos have made it onto the blogosphere, all but one in some way refer to the economy or firm finances in explaining why bonuses are down this year….

  
What
Where


Take Debevoise & Plimpton…. The memo its associates received Dec. 9 notes deal work in 2008 has dropped, suggesting the firm is bracing for weaker results.

Much of the bonus attention has focused on Skadden, Arps, Slate, Meagher & Flom and Cravath, Swaine & Moore, since they were the first two firms to pull the trigger on bonus announcements. … Skadden, diversified internationally, said of 2008, “the level of the firm’s business continues to be relatively strong, with our total workload, until very recently, being similar to 2007, our most successful year.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




“However, we have more attorneys to do this work, and therefore, our results aren’t as strong as they were last year,” the memo from executive partner Robert Sheehan said….

Cravath presiding partner Evan Chesler, in contrast, wrote that “the economic downturn has severely affected our clients,” who “are under strong pressure to cut costs dramatically.”



Link.



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Investment Funds Attorney

USA-NY-New York City

New York City office of our client is seeking a mid-level attorney with hedge fund, private equity, ...

Apply Now

Intellectual property litigation attorney

USA-CA-San Francisco

San Francisco AmLaw office is seeking an intellectual property litigation attorney with 2-5 years of...

Apply Now

Mid- to Senior level Mergers and Acquisitions Associate Attorney

USA-NY-New York City

New York City AmLaw office is seeking a M&A attorney with 3-6 years of experience. Candidate should ...

Apply Now

RELEVANT JOBS

IN HOUSE COUNSEL

USA-FL-Palm Beach

Responsibilities: The candidate must have a Juris Doctorate Degree, with current license in the...

Apply now

IN HOUSE COUNSEL

USA-FL-Saint Lucie

Responsibilities: The candidate must have a Juris Doctorate Degree, with current license in the...

Apply now

IN HOUSE COUNSEL

USA-FL-Saint Lucie

Responsibilities: The candidate must have a Juris Doctorate Degree, with current license in the...

Apply now

Paralegal

USA-AZ-Tempe

Highly-ranked boutique civil litigation firm has an opportunity for an experienced, and confident pa...

Apply now

SEARCH IN ARCHIVE

To Top