Having already frozen salaries, Squire Sanders is now cutting them outright. Tipsters report that the firm has announced a 10% reduction in associate salaries across the board. The cuts will start in May.
You’ll remember that Squire Sanders was very reluctant to raise salaries in the first place. So it’s not entirely surprising that the firm is showing no hesitation to cut salaries given the opportunity.
But just in case some Squire Sanders associates think about complaining, the firm also fired a number of people.
Additional details after the jump.
Tipster report that Squire Sanders fired around 30 attorneys on Friday. That seems to be the magic number for SSD. The firm fired the same number of people back in November.
But the manner in which all of this information is being communicated to associates has taken a number of our Squire Sanders sources by surprise. Apparently, associates learned of the fate of their colleagues (and their pay cut) over voice mail.
One tipster quipped:
SSD’s greatest fear – appearing on ATL – no printed memo circulated on this one.
Squire Sanders declined to comment to Above the Law about this story.
Having your pay cut over the phone might not be the best form, but it beats the bag out of getting fired.
Good luck to those recently laid off from Squire Sanders.