You know what that graphic means, don’t you?
Yesterday, we told you that there would be a big meeting at Troutman Sanders today. The meeting has concluded and we can now report on the news from the firm. Here is the statement a Troutman spokesperson provided to Above the Law:
Responding to changing market conditions for associate compensation, Troutman Sanders today announced a 10-percent reduction in the total amount of associate pay that was budgeted for Aug. 1-Dec. 31, 2009.
These reductions will not be made across the board but will be based on each associate’s individual performance evaluation.
Troutman Sanders couldn’t give us any additional detail about whether the performance evaluations will account for factors other than associate hours.
The salary cuts keep on coming. We will of course keep you posted.
Earlier: Mystery Meeting at Troutman Sanders
Prior ATL coverage of salary cuts