Dechert LLP chairman and CEO Barton Winokur announced that he has taken a $1 million pay cut.
Winokur revealed the self-imposed pay cut, in fact a reduction in his draw from firm profits, at a meeting of law firm execs in late April.
Other Dechert executives have taken similar pay cuts, according to Winokur.
Winokur made around $8 million in 2008. Dechert’s profits-per-partner average $2 million.
The firm laid off 63 lawyers and 62 staff in March, and in April deferred start dates for two-thirds of its incoming associates.
Founded in 1975, Dechert LLP is an international law firm of more than 1,000 lawyers with top-ranked practices in corporate and securities, complex litigation, finance and real estate, and financial services and asset management.
A firm spokesperson confirms that Dechert’s 36 highest-paid partners have agreed to take a undisclosed percentage cut in their annual draw. If the firm does well, the partners may be able to make up the difference in bonuses.
The firm denies that Winokur’s reduction is $1 million.