Updated Salary Freeze Round-up: Even More Firms on Ice
As we noted in yesterday’s Morning Docket, even the New York Times has taken note of the salary freeze trend at law firms. The Times reached out to Above The Law’s own David Lat for the story:
Although many associates are angry about the freezes, others are relieved, said David Lat, founding editor of AboveTheLaw.com, a blog about law firms and the profession.“There is this sense that firms didn’t act prudently during the boom and now they are getting religion, and that it’s better late than never,” Mr. Lat said. “Many associates we have spoken to think the freeze probably saved jobs.”
At the beginning of the month, we did a round-up of firms that have frozen 2009 salary rates at 2008 levels. That list was 16 firms long. Since then, quite a few other firms have announced freezes. Due to frequent requests, we’re updating the round-up list since the number of firms with freezes (that we know of) has more than doubled, to 33 32. Check out the as-comprehensive-as-we-can-make-it list, after the jump.
Recently announced salary freezes include “solid ice freezes” at Blank Rome and Townsend and Townsend and Crew; and “Slurpee freezes” at Bingham McCutchen, Fish & Richardson, and Texan firm Andrews Kurth.
Memorandums, as well as a new list of all firms with “solid ice” and “Slurpee” freezes, after the jump.
Here’s a list of firms that have locked 2009 attorney salaries in at 2008 rates. Those in bold are new additions since our Jan. 7 round-up:
Solid Ice Freeze (2009 salaries will remain at 2008 levels)
Arent Fox (memo posted previously)
Ballard Spahr (memo posted previously)
Blank Rome
Dickstein Shapiro
DLA Piper
Fish & Richardson
Goodwin Procter (memo posted previously)
Hogan & Hartson (memo posted previously)
Latham & Watkins
Morgan Lewis (memo posted previously)
Orrick
Perkins Coie (memo posted previously)
Reed Smith
Sheppard Mullin
Sonnenschein
Squire Sanders
Sutherland
Townsend
Wilson Sonsini ( the announcement was accompanied by layoff news— see memo on previous post)
The Slurpee Freeze (2009 salaries will remain at 2008 levels… for now)
Alston & Bird (memo posted previously)
Andrews Kurth
Arnold & Porter
Bingham McCutchen
Bryan Cave (3 month delay)
Chadbourne & Parke (memo posted previously)
Dorsey & Whitney
Fish & Richardson
Fulbright & Jaworski (will revisit after the first quarter)
Haynes and Boone (see article in Texas Lawyer)
Mayer Brown (memo posted previously)
McDermott Will & Emery (will revisit in March)
Sidley Austin (will revisit “sometime” in the first quarter)
Venable
Womble Carlyle (will revisit mid-year)
ANDREWS KURTH MEMORANDUM FROM MANAGING PARTNER BOB JEWELL
I realize that by this time of year we have historically communicated our annual salary adjustments for non-partner attorneys. I thought it best to communicate our present thoughts on this in a manner that puts it in context with our strong performance in 2008.
2008 Results
In many respects, 2008 was an extraordinary year for Andrews Kurth. We weathered the devastation and disruption of Hurricane Ike to our largest office, a year-long recession, the demise of the traditional investment bank and a melt-down of the capital markets. In the face of this adversity, our total fee revenues for 2008 were approximately $266 million (a record, up from $251 million in 2007 and $237 million in 2006). Cash distributions to partners were also a record and were on target with our forecast. To help provide the financial strength with which to approach the uncertainties in the economy and the possible impact on the demand for legal services in 2009, we were also able to use the proceeds from a contingent fee recovery and additional above forecast collections to prepay over $10 million of 2009 expenses, further reduce our bank debt and materially increase our working capital. I am very proud of what we accomplished in 2008, and we could not have done it without the hard work and support of our entire firm.
2009 Salaries
While some law firms have already set salaries for 2009, the uncertainties of the economy have caused a number of other national law firms to announce either that they have held salaries flat for 2009 or that they have temporarily done so until later in the year. In that light, we believe it is appropriate for us to defer action with respect to 2009 salaries for our associates and counsel attorneys at this time. Accordingly, the bimonthly checks or direct deposits for these attorneys will not reflect any adjustment until the market settles, which we anticipate will be during the first quarter. Salaries for senior attorneys and of counsel attorneys will be handled on a case-by-case basis and communicated later this month.
We will review market data in 2009 regarding bonuses, including both the criteria for bonuses and the amounts that would be paid.
As ever, our purpose is to compensate our well-performing non-partner attorneys in amounts that are competitive. We will continue to evaluate both salaries and bonuses and will communicate our decisions as soon as practicable.
I thank you for your patience.
BINGHAM MCCUTCHEN MEMORANDUM
To: zz attorneys all
Cc: zz directors all; zz atty dev team all; zz recruiting team
Subject: RE: Associate, Counsel and Of Counsel Compensation and Bonus Plan
While our financial performance for 2008 was very strong, today’s economic environment has required all businesses to review and adjust expenses in anticipation of a continued economic downturn in 2009. Therefore, we have decided that associate, counsel and of counsel salaries for 2009 will remain at 2008 levels. We will continue to monitor the economic situation throughout the year — especially in our New York and London markets — to assess the possibility of upwardly adjusting 2009 base salaries at a later time.
Pursuant to our Hours and Bonus Policy, we will be awarding the following bonuses for 2008 performance. Eligible associates and counsel who have attained the 2,100 core hours requirement will receive bonuses ranging from $17,500 to $32,500. Also, those who exceeded the core hours requirements will receive additional bonuses in all markets. As in the past, of counsel bonuses will be determined on a case-by-case basis. Bonuses will also be paid to those who met the billable, but not core, expectation.
These adjustments will help us preserve our strength for what economic forecasters say will be a difficult year ahead. Thank you for your valuable contributions throughout the year and your dedication to our clients. If you have questions, please contact me, Dan Jackson, or your local
Attorney Development Manager.
Tony Carbone
BLANK ROME MEMORANDUM
TO: Firm
FROM:T. Michael Dyer, Co-Chairman
Alan J. Hoffman, Co-Chairman
Carl M. Buchholz, Managing Partner and Chief Executive Officer
DATE: January 16, 2009
RE: Personnel and Compensation
As we continue to focus on helping our clients manage through these challenging economic times, and in order to position the Firm for continued success in 2009, it is important that we take the necessary steps to manage the Firm in an efficient and responsible manner.
While Blank Rome remains in strong financial condition having concluded a satisfactory year in 2008, we are not immune to the global economic downturn. Like any other business, we must assess and respond to the economic realities and the plain fact that we are in the midst of a recession.
As we commence 2009, we have made a number of difficult personnel decisions, as well as the decision to hold base compensation for associates and staff at 2008 levels. We were pleased to be able to distribute staff bonuses in 2008, and will also be paying 2008 associate bonuses in the near term.
We do not make these decisions lightly, but believe that by taking these actions now, we will put the Firm in the strongest position to succeed when conditions improve.
We want to thank each of you for your efforts on behalf of our Firm during these challenging times. Your continued commitment and hard work are much appreciated.
FISH & RICHARDSON MEMORANDUM
As everyone is well aware, we are in the midst of an unprecedented global economic crisis that is having far-reaching effects on our clients as well as the legal industry. Fish & Richardson remains financially strong, and we are fortunate to have the practices, talent, and client relationships to weather these economic times. The firm is not, however, immune to the effects of the worsening economy and its attendant uncertainties. In our budgeting and planning for 2009, which began in mid-2008, we worked diligently to plan for challenges in 2009, and as conditions worsened late last year, we took numerous actions to meet these challenges, including building conservative assumptions into our budgeting that contemplated these difficult economic times, disciplined planning for discretionary expenses, more revenue goals than originally planned, and other measures. We considered, and at that time rejected, a freeze of non-principal legal staff salaries at 2008 levels.
The Management Committee, in the course of reviewing the most up-to-date information and economic forecasts in 2009, now believes that a salary freeze for 2009 needs to be considered given the uncertainties in the economy and their potential impact on our business. Accordingly, January pay for non-principal legal staff (this includes associates, technology specialists, counsels, staff attorneys, litigation technology analysts, and patent agents) will be at the same levels as those individuals were paid in 2008. For example, an A3 associate who advanced to an A4 in 2009 will be paid at the A3 salary level in January. A final decision will be made within the next several weeks, and we will take this time to review input from all sources in the firm, in a deliberative way, so we can fairly assess and weigh the factors that bear on this decision. We would of course like to avoid a freeze altogether, and our evaluation of the situation will keep that option on the table. But prudence in this climate requires that we consider other possibilities as well, including a deferral of consideration of salary increases until later in the year when we have a clearer picture of firm performance.
I want to emphasize two points: (1) in the event of a freeze, firm management will reserve a substantial discretionary bonus pool to reward meritorious performance; and (2) in the event of a decision not to freeze salaries for 2009, everyone affected will receive their new 2009 salaries retroactively to January 1.
SUTHERLAND MEMORANDUM
From: Wasserman, Mark
Sent: Wednesday, January 07, 2009 4:23 PM
To: ASSOC
Cc: PARTNER
Subject: CONFIDENTIAL
CONFIDENTIAL
All
With the beginning of the new year, I wanted to let each of you know about changes for 2009 with respect to associate compensation. As you know, our compensation system provides for two components of salary—-base and deferred—-as well as annual bonuses. Consistent with prior years, all bonuses for 2008 were paid at the end of the year, and all deferred amounts payable with respect to 2008 will be paid with the first compensation check in January. We will maintain our existing performance and salary criteria, except that salary increases for 2009 will be included in the deferred portion of annual salary. For example, an associate going from year 2 to year 3 who was given a salary increase will have the same base compensation in 2009 as in 2008 but will be eligible for a larger deferred amount. We will also continue to pay bonuses at year-end as we always have and based on the same criteria as in the past. Annual reviews will take place over the next few weeks.
The changes in our system are designed to integrate with our overall efforts to control our expenses during the current economic environment while also allowing us to provide salary increases to recognize superior performance.
As we look ahead to the coming year and beyond, we are confident that with our talented lawyers and staff, diverse practices and outstanding client base we are well positioned to continue to do very well. But there can be little doubt that we are in the midst of worldwide economic challenges unlike any that we have seen during our careers. In running our business wisely, it is critical that we analyze every aspect of our operations and continually adjust to match the realities of the current environment.
Above all, we very much appreciate all of your varied contributions to the firm and, with your help, we look forward to continued success in serving our clients in 2009.
Mark D. Wasserman
Managing Partner
TOWNSEND AND TOWNSEND AND CREW MEMORANDUM
From: Gilliland, James G.
Sent: Wednesday, January 21, 2009 11:04 AM
To: Associates
Cc: Partners; Gavin, Dennis J.
Subject: Salary Freeze
After substantial thought and discussion, Townsend has decided to join
the growing list of law firms that are going to freeze associate
salaries in 2009. Unfortunately, all of the economic indicators for
2009 remain negative. Therefore, we think it is of great importance
to be conservative in our fiscal discipline and planning. As you
know, we also have frozen all salaries for our staff and
administration. The freeze means that each of you will be paid the
same base salary during 2009 that you were paid in 2008.
It is possible that by the end of this year Townsend’s profits will be
higher than we presently anticipate and we will be able to ameliorate
the financial impact of this decision through our award of bonuses.
We expect to use our year-end bonuses at the end of 2009 to
particularly reward those of you who are most instrumental in helping
Townsend and our clients through this challenging time.
I understand there is an Associate’s lunch on Wednesday, January 28.
I will plan to attend that meeting to answer any questions you may
have about this decision.
We will make it through these challenging times and will be better and
stronger for it. I thank you for your help.
Earlier: ATL Salary Freeze Round-up: The Firms on Ice
Chill of Salary Freezes Reaches Top Law Firms [New York Times]
(101) Comments
Comments
I've never seen someone with so many ridiculous nicknames for things. Lat, come back and stay.
Seriously, what the hell is happening with the comment deletion policy? A constructive and non-offensive discussion in the Amazing Race comment thread just got deleted and then shut down.
wtf?!
F&R is in the wrong column.
MemorandA
were = was, in the last sentence of my post.
-5
If you don't like ATL's moderation policy, you can leave.
The ~ day~ the~ music ~ died .. . . .
Buh-Bye, ATL.
Comments get removed not just for rudeness but if they are off-topic. A back-and-forth between two commenters that is not related to the subject of the post qualifies as "off-topic."
post something intelligent, which adds to the discussion, and not some ridiculous, juvenile banter (regardless of whether or not it's inflammatory) and you wont have anything to worry about.
@9:
I understand that right (to leave) and I may invoke it, but first I want to understand what the hell the policy is.
For instance, someone in the other thread posted:
"LAYOFFS & WATKINS" over and over in their post. That was stupid, but why was it deleted? And why was the thread shut down?
We deserve to know what merits deletion or "moderation."
-5
No word on the Kelley Drye layoffs? People are being sent packing....
If you aren't happy with the disclosure of the moderation policy, then that's another reason for leaving.
I would not expect ATL to engage in a meta-discussion of every last moderation decision. They exercise editorial discretion.
If you think they're abusing their discretion, then leave (like commenter 7).
"We deserve to know what merits deletion or "moderation.""
Ha. No you don't. It's not your site, and you have no rights here. Sorry, kid.
- Not affiliated with ATL, and so far happy with the increased moderation
I really doubt salary freezes "saved jobs." It takes freezing about a dozen associates salaries to equal the all-in cost (salary plus benefits) of a typical associate. So, the effect wouldn't be huge, even if firms were simply interested in holding costs steady. They aren't. Firms still have have every incentive to show below-budget associates the door. They make more money that way.
Lat said "Many associates we have spoken to think the freeze probably saved jobs."
That's likely. A firm that freezes and lays off would probably lay off more people if they didn't freeze.
I'd be interested in seeing a correlation discussion between layoffs and freezes generally. Does a freeze tend to prevent layoffs? Or does it foreshadow future layoffs, like Latham's December freeze/January layoffs? That's the more interesting relationship.
F&R is in the wrong column.
Fair enough. I'll check back in this afternoon to see if there's any official explanation as to why innocuous (but, yes, off-topic) posts were deleted in bunches. If there is none, I'm out.
FWIW, the off-topic posts are sometimes the most discussion-worthy and provide fruitful tips. How boring would this site be if our discussion was always limited to Elie's posts?
Good luck to all during these difficult times--
- 5.
is there any news from Winston and Strawn? What about Baker Botts?
How about news on start dates for the fall? Are any firms moving later?
If you don't like the moderation policy on ATL, just take the ATL link and cross-post in a place where you do like the moderation (or lack thereof, like AutoAdmit).
There is no rule that discussion of ATL posts can only take place in ATL comments.
Freezing salaries at Andrews Kurth certainly has not prevented lay-offs. Just talk to the almost 20 attorneys they recently laid off in Houston.
after all the layoffs, did cahill freeze?
Steptoe & Johnson is frozen. People got individual memos a couple weeks ago, and then there was a firm wide conference call.
Comments are being deleted faster than they can be made. No me gusta.
In any case, I think freezing salaries does save jobs. If the average yearly salary bump is, say, $15,000/year, then freezing 20 attorneys' salaries saves the firm $300,000. That's more than the firm's average non-partner attorney makes. To the extent that some firms are laying off 5-10% of attorneys (or between one in twenty and one in ten), this salary savings may make a difference in determining the extent of layoffs.
winston has made no announcements re bonus or raises.
Reed Smith did not freeze salaries.
Shame that moderation is necessary, but nice to read a list of relevant comments and no inane blather.
As for saving jobs, maybe it would be worse without a salary freeze and more people would be let go. But many firms had both significant layoffs AND freezes, and some (Goodwin) have been and are continuing to do stealth layoffs in addition to the freeze. Watch their headcount decrease in the coming weeks/months. They give 2-3 months for the pariahs to 'disappear' quietly.
Sutherland insiders: Do you know how this freeze affects junior associates that aren't subject to the deferred compensation scheme? Are their base salaries frozen as well?
At a Ropes & Gray Tax and Benefits department meeting yesterday, a partner told the group that the firm has adopted a "no layoffs" policy for the downturn. I just thought people might be interested.
No good firms have frozen, right? Phew.
I love the new comment policy!
Lat to the rescue!
How about a post on PH's Shanghai office which fired MORE THAN HALF of the office.
What a Legal Recession Looks Like - http://www.abajournal.com/images/mag_images/01-2009/legal_recession_chart.pdf
Why not add a list of firms that have confirmed they are not freezing?
Good job, Lat!
It's great to be able to roll down the comment thread and not see all the profane/useless comments. Thank you!!
You are all clearly jealous that I am taking your job and performing it six times more efficiently
--LPO attorney
FOR ALL OF YOU COMPLAINING about the "comment moderating" well, get ready for the gov't to tell you what you can and can't say; the gov't is about to tell you which ideas deserve air time, and which do not.
Listen to our future AG Eric Holder talk about the "fairness doctrine" during his hearing:
http://corner.nationalreview.com/post/?q=MDZiMTc0N2QxMjBkYWVkMTdjODMyYzY5ZTlkYjk3MzQ=
Guys in my high school used to freeze salaries all the time, it was no big deal.
31 here one more time:
Here is some initial research regarding the firm to go on:
From the firms own website:
"Our legal team, comprising more than 80 legal professionals, is led by 11 partners and includes highly-skilled multi-lingual U.S., Chinese and Japanese attorneys, all resident in Shanghai on a full-time basis."
But a count of the total number of associates and partners on the firms website only adds up 36. Perhaps they have an armada of local counsel but from my office in Shanghai looks very empty.
Or maybe they have been told to duck and cover by the windowed offices.
Lawyers/law firms need a BAILOUT from the government! NOW!
So much for IP being recession-proof.
Bingham downsized its Walnut Creek office today.
I just don't get it, Lat. How does it help the cause to report all of this salary freezing but not do a post on firms that are not freezing? Even if there are more freezers than not, it would probably do the market some good to know that many of the top firms are continuing to pay salaries as before (I know mine is). Why have you abandoned us?
And, does anyone really think that if associates made 145, or 125, that firms would be inclined to keep 30 corporate associates who have absolutley nothing to do around because they were making "less"?
So Andrews Kurth is freezing their first year salaries at, what, $160?? How will they ever survive with the high cost of living in Houston??
Thumbs up for the new comment policy.
32: Very informative. It would be interesting to see the City Bar Guideline on how to ethically fire associates in a recession.
Any news whatsoever re:Shearman? Salaries, bonii, layoffs?
Looks like it is about time to start recognizing the firms that aren't screwing over their associates with salary freezes and layoffs. Those firms need to be identified and praised for doing the right thing.
Why not base freezes on hours? Everyone who doesn't make, say, 1600 hours gets frozen, and everyone who does moves ahead.
Probably would have to exempt the stub and maybe even the first years, but it would seem like a sensible compromise between layoffs for low billers and salary freezes for all.
I miss the obscene and offensive comments. I enjoy laughing.
I would like to see an continuously updated table listing firm's ppp for last year, along with layoffs, bonuses, and freeze status. That would show how healthy firms are, and how well they're treating associates.
8 - aren't you 'off topic' by discussing the comments as opposed to the salary freezes ? ass.
Agree with 47. We need some sort of always-available lists of fame/shame on salary freezes. Maybe some similar for bonus information as well.
Wow, as if the times weren't serious enough already. ATL has turned into East Germany.
I guess like lunch, laughing is for sissies.
Any word on stroock freezes (as reported earlier)?
Did they not materialize?
48: 1600 hours ought to get you fired, not frozen.
Can we do one additional list Lat or Ellie? Let's do one of the firms that have raised. Maybe get corresponding memos?
Thanks
Why does Blank capitalize the word "firm" in its memo?
Hallelujah! 53 comments and nearly all relevant! I still don't understand adding the extra link to get to the comments. Obviously it's the additional moderating that makes the difference. (And by "additional," I mean "formerly there was NO moderating at all.")
If this is East Germany, well then give me a grey cinderblock apartment, because I'm staying!
I was really about to give up and stop reading ATL, because it was getting so frustrating. An occasional running joke is great, but repeatedly posting the same meaningless phrases don't count as a running joke.
58 = Pat Robertson
If this is East Germany, well then give me a grey cinderblock apartment, because I'm staying!
I was really about to give up and stop reading ATL, because it was getting so frustrating. An occasional running joke is great, but repeatedly posting the same meaningless phrases don't count as a running joke.
Agreed. The occasioal Frat Study quip or appearance of Count Layoffula is fun, the ass lobsters in EVERY DAMN POST is just frustrating.
GULAG logic is fun.
Those of us at "slurpee freeze" firms would appreciate a list of non-freezing firms (provided that it is long enough to shame our firm into raising).
Whose side are you on anyway?
first!
EAPD froze months ago.
Seconded. Thank you for saving ATL!
So what IS the word on Stroock?
Breaking News, Dateline Washington -- It has now been confirmed that the "Insides" poster is a GULC 2L in the part-time program. Developing.
Is it just me, or does is kind of make sense that firms that freeze are adding some of the money saved to the bonus pool? Is this the first move towards a merit-based compensation system?
69 - It's just you.
Yes - a list of who has NOT frozen salaries please! Let's put pressure on our firms to raise!
I too would like to commend ATL for the new policy. It did get to a point where you couldn't admit that you read this website. We can still have fun though.
I hAve to admit that the more I See solid ice freezeS, the more I think that the firms who are "waiting" to make decisions will feeL that they dOn't need to Be giveing raiseS (even if ThEy can affoRd it).
After all that work...I made a typo. Sorry.
Lat -- While I appreciate that you'll say anything to be quoted in the NY Times, I don't think freezing has saved associate jobs, nor do I think that many associates, especially those who remain very productive in the face of economic downturn, believe that freezing is the right thing to do.
Freezing salaries is about overall deflationary pressures, a VERY buyer friendly labor market for legal services, and the need/desire to push up profits, even in lean times when hours and rates are down. No where in that analysis is "saving associates."
The salary freeze movement has accompanied the worst slate of attorney firings and spate of firm dissolutions, probably ever. It's a joke to say it's saving jobs.
72 nailed it.
Of course 74 is correct. Lat's statement is just flat out wrong. There are no associates that are happy about pay freezes. There are associates that are happy they have a job while unhappy that their pay didn't increase this year -- but that's not the same thing.
The link between pay freezes and job retention is completely nonexistent. There is no firm making firing decisions based on compensation as a sole or even primary factor. That decision is based on workload -- first and foremost. Diminished work equals downsizing. Pay freezes at firms with increased revenue and/or PPP (to the extent any such firms have frozen) are nothing more than a means to increase profit by following a market trend. For firms with shrinking revenue and/or profits they reflect diminished workload.
It's all about course correction. Over the past 2-3 years, Biglaw was forced to pay associates considerably more than they were worth in a silly attempt to keep the associates from "jumping ship" to investment banks. As we all know, banks are no longer a factor, and this ill-advised trend is now being reversed.
Stroock is not freezing.
77, associates are "worth" what the market will bear. Look, I'm a biglaw midlevel and there are a crap load of service partners at my firm, sucking off of the teets of rainmakers like me, who do the same work as I do, but who bill out at almost twice my rate.
Are you telling me that these non-business generating leaches at my firm (and virtually every other biglaw firm, if we're being honest here) are "worth" the 500k plus yearly that they pull in?
77, at least admit you're a trolling biglaw service partner and be done with it.
Bingham also called its California downsize a potential to recognize "synergies". I wonder how many future "synergies" there will be with stealth layoffs... I find it offensive that Bingham tries to cover up its layoffs, especially when it's extremely transparent in this market environment that it is simply a cost-cutting measure.
I'm a trolling biglaw service partner. Now are we done with it?
-77
79, are you honestly saying that a "service partner" who performs some specialty like tax, environmental or hr on a deal is a leach because they don't bring in their own business? We can't really complete deals without those guys. Being a midlevel rainmaker, I'd think you'd already know that.
74/76 nailed it. The "saving jobs" schpiel is bs. It's about trying to keep PPP at levels the economy can't sustain.
79: Hell, no, I'm not any type of partner and I think all BigLaw attorneys are overpaid, especially the partners.
By the way, people, it's spelled "leech," not "leach." You're thinking groundwater, or something similar -- are you sure YOU'RE not one of those environmental types you so deplore?
81: I hate to say it, but you made me laugh out loud.
Kaye Scholer did not freeze.
Kramer Levin did not freeze.
80 - Is Bingham doing stealth attorney layoffs?
To 72:
I Agree Someone Should.
Listen, Obviously Biglaw Salaries Top Everything Relevant.
Word.
Take our survey
http://endofesq.com/?p=909
To 88:
JUst when one thinks one has seen It all, along Comes Yet another pIthy commeNt on thiS thread. I Dare say that I havE now Seen it all!
Fenwick & West froze salaries on January 9.
Townsend is a great firm with people who practice with excellent legal skills and humanity. This is rare. Shouldn't we share the pain with our partners?
HAHAHAHA
Check out this article published by CNN Money this morning. This idiot author names Bingham as the number one paying company. In fact, all of the firms on his list are also on ATL's list for having froze their associate's pay in 2009. Unbelievable.
http://finance.yahoo.com/career-work/article/106493/Top-Paying-Companies
F&R is not only freezing salaries, they are also conducting stealth layoffs. Unfortunately, ATL (and everyone else) is neglecting to report it.
Does anyone know what is going on with V&E? This past summer, they were hyped up about the firm's planned expansion in NY and international markets, and had apparently told associates that the firm was growing so fast that if quality associates from other firms were having trouble finding work, they should be encouraged to interview with V&E. Now I hear that many of the corporate attorneys have no work and have heard rumors about stealth layoffs and many litigation attorneys being asked to leave the firm. Thanks for any information that you can provide.
-Concerned 3L
Add Seyfarth to this list of hard freezes, despite its layoffs and increased PPP in 2008.
Locke Lord did not freeze (except for people billing less than 1700, including 100 pro bono).
Akin Gump froze back in early January. You can add them to the list as well.
it seems mofo is trying to quietly sneak by without paying out bonuses, period.
You can add McGuire Woods to the list of salary freezes!
In the United States, the distinction between periodic salaries and hourly wages was first codified by the Fair Labor Standard Act of 1938. At the same time, five categories were identified as being "exempt" from minimum wage and overtime protections and therefore salaries. In 1991, some computer workers were added as a sixth category. The test for all six categories were revised effective August 23, 2004. To read more about this article, check out at: http://personalmoneystore.com/moneyblog/2009/04/16/rosetta-stone-employee-skills/