Earlier this week, we reported that salary cuts have spread to the Pacific Northwest. Now it appears that the salary cutting craze has migrated to the Southwest. Surely, our territories in Guam will be next.
The Phoenix based firm Snell & Wilmer has cut associate salaries by 10%. Above the Law received this statement from the firm:
We held meetings with our associates in each of our offices on Tuesday, June 16, announced the following, and answered associates’ questions:
* Associates’ salaries will be reduced 10% across the board, effective with associates’ July 15, 2009, paychecks; and
* Snell & Wilmer will be paying performance-based bonuses later this year.
It is worth noting that Snell & Wilmer did not freeze associate salaries at 2008, as many other firms have done. So while the cut takes a bite out of the 2009 pay raise, it’s not the double hit some associates are experiencing.
I hear land is still pretty cheap out in the Mojave. Water? That’s a different story.
Earlier: Nationwide Salary Cut Watch: Firms in the Pacific Northwest Also Feel Gloomy
Prior ATL coverage of salary cuts