It has taken us a while, but Above the Law is now able to confirm that Greenberg Traurig has decided to cut salaries of its summer and first year associates.
First-year associates will start between September and January depending
on the city and the practice area.
We have made changes to our summer associate and first-year compensation structure that emphasize our focus on the needs of our clients, performance, and that are appropriate in the current business environment. Any changes are specific to local markets and confidential.
As in any other year, our focus is to provide top quality legal service to our clients and support the career development of our associates.
After the jump, we look at other Greenberg cost cutting measures.
The cuts will apply to all Greenberg offices. That still leaves associates with a six figure base salary. That is even more than a “small fortune” according to some of our readers. But before incoming Greenberg associates run out and buy a basketball team, it’s worth noting that the start date push back does not include a deferral stipend.
Maybe first years should start small with a minor league hockey team?
This is the second piece of bad news for Greenberg in a month. In March, we learned that Greenberg lost a couple of IP partners to Luce Forward.
Here and there, firms are dipping their toes into the salary cutting waters. Will the sharks snap off the salary cutting outliers? Picking on summers and first years is one thing; we’ll see what happens if a firm tries to cut salaries on mid-levels and senior associates who might have an ability to lateral away the minute the market turns.