Morgan Lewis Chairman Fran Milone just finished a video conference with all associates and staff at Morgan, Lewis & Bockius. And he unleashed some big news. Morgan Lewis is making some major changes in response to the continuing economic recession. Here are the top bullet points:
* Eliminating lockstep compensation for 2010.
* Canceling on-campus interviewing during the fall of 2009.
* Canceling the 2010 Summer Associate Program.
* Pushing back the start dates of current summer associates to 2011.
The firm has already communicated their decision to law schools who had expected to host MLB interviewers this fall.
After the jump, Mr. Milone offers a brief statement about these decisions.
Above the Law reached out to MLB chairman Fran Milone. The firm issued this statement:
“We’re running our own business and focusing relentlessly on client relationships,” said Francis M. Milone, Chair of the Firm. “Doing so responsibly means continuing to reduce expenses, committing to the people in whom we are already invested, and looking at compensation across the board to ensure our structure matches the reality the entire legal industry must face.”
As we understand it, Morgan Lewis plans to pass on some of these savings to its clients. Sources report that management intends to work with clients on fee arrangements and cost containment.
We’ll have more news as it comes to light.
In the meantime, good luck MLB associates. At least you are not getting laid off.
Earlier: Prior ATL coverage of Morgan Lewis