According to the just released AmLaw 100 numbers, Schulte Roth & Zabel ranks 10th in terms of profits per partner. The average take home for partners was $2,290,000 in 2008.
But that might not stop Schulte from cutting associate salaries.
There hasn’t been any official announcement. But according to multiple sources now, the memo is in the system. According to one of our sources:
If you search on the document system, there is a memo in there. It’s titled “Associate Salary Reduction” or something. … I haven’t clicked on it, but it seems self-explanatory.
Another tipster explained to us that nobody has clicked on the actual document. Schulte can see who opens which documents on the firm system, and nobody wants the firm to know that they looked at the internal memo.
More details after the jump.
Tipsters explain that all Schulte associates have to do is search for their name on the system and the memo (the title at least) should come up. Even though nobody has seen the text of the memo, the office is buzzing about the impending salary cut. As we understand it, so far everybody who has checked for the memo has found it, so it doesn’t appear that the salary cut is limited to just one class of people.
And we thought conference room schedules were the holy grail of bringing you tomorrow’s news today.
Of course, it bears noting that there could be nothing to it. It could be a “just in case” placeholder that the firm doesn’t plan to act on.
But the salary cut writing is literally on the wall. Nixon Peabody (ranked 71st in prestige according to Vault) just cut salaries. Schulte is ranked 80th by Vault.
We’ll keep you posted as we get more information on Schulte salaries.
Earlier: The AmLaw 100
Nationwide Layoff Watch: Schulte Roth & Zabel (Redux) (Plus info on SRZ’s summer program and start dates.)