Sidley Austin just emailed all of their associates to wish them a happy New Year. How nice. How thoughtful. How … oh wait a minute. The firm also took the opportunity to inform all associates that their pay raises would be delayed until sometime next year.
The firm-wide memo from Sidley is short and to the point:
At this time of the year, we historically have provided information about class-wide and individualized salary adjustments for next year. Given the current uncertainty in the economy and financial markets, and the impact on law firms, we are still in the process of evaluating associate salary levels for 2009. We expect to make a decision on this issue sometime during the first quarter of next year.
On behalf of all of our partners, we thank you for your professionalism and dedication.
Most of our sources are out enjoying the holiday season. But our remote reporters are generally displeased.
But, as one tipster put it:
I’d still rather work at Sidley than Latham.
So there’s that.