Bryan Cave Delays Associate Pay Raise By Three Months
When we last saw Bryan Cave, the firm was busy acquiring Powell Goldstein and saying great things about their long term future and financial health.
Having just added so many new attorneys, the message ATL received this morning was surprising.
Two pieces of news for Bryan Cave associates today: they're deferring salary increases by 3 months and eliminating the associate shared fee program (where associates got bonuses for bringing in new clients) ...The spin on the deferrals is that they're a better option than layoffs and less drastic than an all-out salary freeze.
Shortly after this first report, we received the full firm-wide email announcing the changes:
In light of the continuing volatility in the economy and the uncertainties in the marketplace as we move into 2009, we believe it is now prudent to implement the following actions with respect to our compensation programs:* Deferral of Consideration of Increases for Counsel and Associates. Consideration of increases for counsel and associates will be deferred in all offices. For example, for those cities where increases were previously effective January 1, the date for 2009 will be April 1. Offices with different compensation consideration dates will
Occasionally, commenters in our layoffs posts suggest that they would be willing to give up some of their salary in exchange for keeping their jobs. So ... here's a chance to do just that, at least for a period of time.
But most Bryan Cave associates will be pissed. Because you know what would have been even more "less drastic" than an all-out salary freeze? Not acquiring the debts and liabilities of Powell Goldstein.
More tipster reaction and the full Bryan Cave memo after the jump.
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