If you live in California, you are surely aware of the state’s budgetary concerns. But if you work for Morrison & Foerster in California, you may now have some budgetary concerns of your very own.
MoFo decided to cut salaries today, but associates in New York and Asia will be spared the hardship. Here’s the official statement from the firm:
Starting salaries at Morrison & Foerster in New York and Asia will be $160,000, the same as last year, and starting salaries in other U.S. offices will be $145,000.
Note, however, that the market for first year salaries among national firms is undetermined at this time. Given that, we will continue to assess starting salaries, in light of market trends, and may elect to adjust as required based on larger market developments.
Parsing the statement, after the jump.
Salary uncertainty is nothing new from Morrison & Foerster. Back in June, the firm was still collecting relevant market data to determine how much people should be paid.
So first-year associate salaries could go lower. But they could also go higher, if “larger market developments” are positive.
See, California associates, there is still hope. There’s no reason to do anything crazy just because you live in an expensive state which has no money and is in constant danger of breaking off from the continent and sinking into the ocean.
Now I want you to put down the kerosene can and slowly walk out of the woods. As Smokey the Bear might say: “Only you can prevent Foerster fires.”
Earlier: Morrison & Foerster Starting Salaries Are Still Up in the Air