After careful consideration, we have decided that associates in the US and Europe , and associates, senior consultants and consultants in Asia , will receive the same salary in 2009 as you received in 2008. Consistent with firm practice, of counsel salaries will be determined on an individual basis and generally will remain the same as 2008. We will ensure that our 2009 bonus program gives us additional flexibility to reward outstanding performance and remain competitive in the marketplace.
On the bright side, Orrick will be paying out the bonuses they promised earlier in the year:
We will pay full 2008 bonuses according to the terms of the program we announced earlier in this year.
That puts Orrick at Skadden levels. Notwithstanding the bonus news, a tipster puts the mood at Orrick like this:
Is this move by Orrick an attempt to stave off even more layoffs?
Read the full Orrick memo after the jump.