Salaries are being cut between 10% 5% and 20%, depending on how many hours the associate has worked this year (January through May).
Those who worked the highest number of hours may not see a salary cut.
Pillsbury Winthrop Shaw Pittman LLP is an international law firm with offices located throughout the US and globally, including key financial centers New York, London, Tokyo and Shanghai.
Further details have emerged. Pillsbury’s hours target is 1,950. A 90% utilization rate will get you a 5% pay cut. A 75% rate gets the 20% cut. Some training and pro bono hours will be counted.
The firm is currently considering its compensation program for 2010; the implication is that the curretn cuts will be temporary.