Moore VanAllen

Nationwide Salary Cut Watch: Charlotte and the Post Apocalyptic Universe

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Salary Cuts.jpgEverybody knows that the Charlotte legal market has taken a beating during the recession. But we didn’t know that it was so bad that the firms couldn’t afford to pay people. This tip comes in from Charlotte-centric Moore & Van Allen:

Just passing along in case this warrants further investigation (i.e., if anyone still gives a crap about Charlotte-based AmLaw 200s). Many of us are sick of the free pass our firm has gotten in the media w/r/t layoffs and now, associate comp changes.
Associates were informed of a new salary scale on Friday for Charlotte (the highest paying market). First years will make 125. Turning over a new leaf in “compression”, each year will increase by a mere 5k. Associates were informed of their 2009 bonuses, as well. MVA has a completely discretionary bonus system. There were a few 50k bonuses, but (curiously) a couple of bonuses that were less than 5k. I didn’t know that bonuses even came in such small increments.

MVA’s Charlotte office wasn’t on a $160K scale to begin with. But tipsters report that $125K is still a significant paycut.

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Nationwide Layoff Watch: 20 Gone From Moore Van Allen As Charlotte Continues To Fade

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W.T. Sherman a Drunk Hero.JPGLast month, Moore Van Allen laid off 20 staffers. This month, the bell tolls for attorneys.

Associates and partners have confirmed that 20 attorneys we laid off from MvA on Wednesday.

Is there going to be a Charlotte “legal market” still standing in 2009?

We reported last month that Dewey LeBoeuf closed their entire Charlotte office, displacing 11 attorneys.

All of these hits to the Charlotte market make sense, since we no longer have a banking industry or, you know, money. But still, right now Charlotte looks like Sherman just came into town.

… Maybe there will be some Reconstruction work that Charlotte based attorneys can pick up?

Update (12:00): This should probably go without saying, but we now also have reports that MvA has canceled its 2009 summer program.

Earlier: Nationwide Layoff Watch: Is Katten Cutting Fat?

Dewey & LeBoeuf Closes Charlotte Office

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