Nationwide Pay Freeze Watch: Winston & Strawn
Another top firm has frozen its 2009 salaries. Winston & Strawn informed associates last week that 2009 salaries will be held at 2008 levels.
It’s what we like to call around here a “Slurpee freeze,” as the firm might change its mind should our national economy pull out of its long and continuous nose dive. The freeze announcement memo, available in full after the jump, says Winston will “continue to monitor economic conditions in the coming months and will revisit this issue if and when it becomes appropriate.”
ATL will post naked photos of all of its contributors if and when it becomes appropriate, too. Of course, “if and when” is our way of saying never.
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Reactions from Winston’s associates to the freeze and to bonuses outside of New York:
I’m not sure why I’m surprised given how cheap the firm usually is but we just got hit with a full year freeze (with the usual boilerplate caveat language) and much lowered bonuses (lower than half-Skadden for most of the tiers).
I wish I could say I’m going to start looking. Instead, I suppose I should just be happy I have a job.
A Jenner-style half-raise would have been nice.
[I]t seems that for non-NY offices, they significantly reduced bonuses. Bonuses were about 50-60% of last year’s, even for top billers. Mine was the same as it was THREE years ago.
Winston’s memo after the jump, as well as an updated list of the 37 firms (that we know of) that have instituted a salary freeze for 2009. If you know of others, send us an e-mail at tips@abovethelaw.com.
Here’s a list of the firms with salary freezes in effect. To see a list of firms that have instituted normal class year raises, check out this open thread.
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Solid Ice Freeze (2009 salaries will remain at 2008 levels)
Arent Fox
Ballard Spahr
Blank Rome
Cooley
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Dickstein Shapiro
DLA Piper
Goodwin Procter
Hogan & Hartson
Latham & Watkins
Morgan Lewis
Orrick
Patton Boggs
Perkins Coie
Seyfarth Shaw
Sheppard Mullin
Sonnenschein
Squire Sanders
Sutherland
Townsend
Wilson Sonsini
The Slurpee Freeze (2009 salaries will remain at 2008 levels… for now)
Alston & Bird
Andrews Kurth
Arnold & Porter
Baker & McKenzie (will revisit June 30)
Bingham McCutchen
Bryan Cave (3 month delay)
Chadbourne & Parke
Dorsey & Whitney
Fish & Richardson
Fulbright & Jaworski (will revisit after the first quarter)
Haynes and Boone
Mayer Brown
McDermott Will & Emery (will revisit in March)
Sidley Austin (will revisit “sometime” in the first quarter)
Venable
Winston & Strawn
Womble Carlyle (will revisit mid-year)
Winston & Strawn Firm Memorandum