The 2009 salary freeze is steadily spreading through the bottom half of the Vault 100 firms. Yesterday, Venable held a firm-wide meeting to discuss bonuses and salary. Our tipster reports that Venable is hopping on the crowded pay freeze bandwagon.
Looks like we’re paying out “normal” bonuses (i.e. well below market) to those who billed enough, but we’re freezing salaries. Management says we are sound financially but freeze is needed to make it through. The decision may be reconsidered if economic conditions improve.
Other firms instituting a pay freeze have said they will review the decision on a specific date (March for McDermott Will & Emery; April for Bryan Cave; and mid-year for Womble Carlyle). The most shocking of the pay freezers, Latham, indicated a year-long deep freeze. Venable is keeping the decision open-ended, to be “reconsidered if economic conditions improve.”
As far as bonuses go, Venable does not have a lock-step model. Those who hit 1950 hours are eligible for bonuses, ranging from 5k to 20k.
As always, send your salary and bonus tips to firstname.lastname@example.org. We’re semi-dormant today and tomorrow, but exciting news could rouse us from our egg nog induced stupor.
Earlier: Bonus/Salary Meeting at Venable