Salary Cuts
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Deferral Stipend, Salary Cuts, Start Dates
Seyfarth Shaw: Salary Cuts and Deferral Extensions, Oh My
Seyfarth Shaw is set to become the latest firm to flip its incoming associates the Bird. A very angry tipster reports: [Seyfarth] just deferred all incoming associates to October 2010 with only $2000/month as a stipend beginning on our former start date of January 19, 2010! It’s a joke … we know for a fact […] -
Associate Salaries, Billable Hours, Killing Lockstep, Salary Cuts
Baker Botts to 'Hybrid-Lockstep' in 2010(Plus more news from Reed Smith.)
Baker Botts will be throwing itself into the killing lockstep camp sometime in 2010. A tipster reports: So, Baker Botts – Houston (should be firmwide, though I don’t have have all the details) is adopting a form of the Reed Smith pay structure. … My understanding may be imperfect, but the notion is that it’s […] - Sponsored
Is The Future Of Law Distributed? Lessons From The Tech Adoption Curve
The rise of remote work has dramatically reshaped the relationship between Lawyers and Law Firms, see how Scale LLP has taken the steps to get… -
Associate Salaries, Salary Cuts
Who Elected Altman Weil the God of Associate Compensation?
Have you noticed that whenever there is a story about the long-term future of associate salaries, there is always a quote from somebody at Altman Weil, the law firm consultancy? And have you noticed that their quotes are often advocating deep cuts in associate pay? The latest example of this curious phenomenon appears in the […]
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Bonuses, Killing Lockstep, Salary Cuts, Salary Freeze
Morgan Lewis Delays the Death of Lockstep
In July, Morgan Lewis & Bockius announced that it would be ending lockstep compensation for its associates in 2010. At the time, the firm furnished this statement to Above the Law: “We’re running our own business and focusing relentlessly on client relationships,” said Francis M. Milone, Chair of the Firm. “Doing so responsibly means continuing […] -
Salary Cuts
Nationwide Salary Cut Watch: Foley Hoag Slashes Salaries to 'Improve Associate Development'
Don’t you love it when a firm cares so much about associate development that it’s willing to cut associate salaries? That’s what Foley Hoag is doing; the firm announced today that it was slashing salaries, in part to help associate development and recruitment. Here’s a screen shot of the firm wide memo (click to enlarge): […] -
Intellectual Property, Layoffs, No Offers, Salary Cuts, Salary Freeze, Summer Associates
What's Going On at Finnegan Henderson?
The Great Recession has been tough for many different types of firms — and that even includes intellectual property firms. During the past year, IP-focused shops have cut back on hiring, slashed salaries, and lost key partners to larger firms. A few recent developments at Finnegan Henderson, the D.C.-based IP powerhouse, reflect the new realities. […] -
Allen Matkins, Layoffs, Salary Cuts
Allen Matkins Makes Another Salary Cut, And More Layoffs
There have been a number of firms that have cut associate salaries. But there have not been many firms that have needed to slash salaries twice this year. Allen Matkins associates appears to be in their own personal corner of sadness. A tipster reports: For the second time this year, Allen Matkins has laid off […] -
Salary Cuts, Williams Mullen
Nationwide Salary Cut Watch: Williams Mullen
Williams Mullen, the large and prominent Virginia-based law firm, announced yesterday that it will be cutting associate salaries by 7.5 percent, effective in January 2010. The new starting salary for associates will be $117,000 (in all offices other than D.C.). A firm spokesperson described this as “a business decision,” made to remain competitive in a […] - Sponsored
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If 2023 introduced legal professionals to generative AI, then 2024 will be when law firms start adapting to utilize it. Things are moving fast, so… -
Money, Salary Cuts
Nationwide Salary Cut Watch: MoFo Cuts in California, Spares NYC
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 […] -
Layoffs, Salary Cuts, Salary Freeze
Update: Mystery Meeting at Winston & Strawn
It’s time for a quick follow-up on yesterday’s “all associates” meeting at Winston & Strawn. Alas, it was a bit anticlimactic. “Just a way for the firm to ruin everyone’s weekend,” quipped a tipster. According to our sources at the firm, this is what associates were told: 1. Compensation at Winston will remain competitive; no […] -
Dorsey & Whitney, Killing Lockstep, Money, Salary Cuts
Nationwide Salary Cut Watch: Dorsey & Whitney Cuts Salaries Again
Back in June, Dorsey & Whitney laid off 55 people and announced that it was cutting associate salaries by 10 percent. At the time, our sources reported that the decisions were made in reaction to the firm’s revenue numbers from May: Management got May’s figures last night, and apparently, the situation was quite dire. The […] -
Intellectual Property, Killing Lockstep, Salary Cuts, Townsend and Townsend and Crew
Nationwide Salary Cut Watch: Townsend and Townsend and Crew
The myth that IP boutiques would be immune from the recession has already been debunked. Today, a few more intellectual property lawyers came back down to earth with the rest of the legal industry. Above the Law has obtained an internal memo from the IP firm Townsend and Townsend and Crew. The firm is cutting […] -
Faegre & Benson, Salary Cuts
Nationwide Salary Cut Watch: Don't Forget About Faegre & Benson
We’ve been doing a lot of coverage on Dorsey & Whitney. The firm canceled its 2010 summer program and only had a 56% offer rate to its 2009 summers. But we don’t want to forget about another Minneapolis powerhouse firm, Faegre & Benson. Earlier this month, we learned that the firm had decided to cut […]
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King & Spalding, Salary Cuts
Nationwide Salary Cut Watch: King & Spalding Is So Last Season
I thought we were done with salary cuts. It’s almost September! Fashion week is on the horizon, but King & Spalding is coming out with an old style. I mean, it’s been multiple weeks since I used this picture. Just before 5:00 p.m. yesterday, King & Spalding decided it was ready to cut associate salaries: […] -
Associate Salaries, Salary Cuts
Morgan Lewis's New Compensation Structure = Less Base Compensation?
A month and a half ago, Morgan Lewis announced that it was canceling its 2010 summer program and moving away from lockstep compensation. At the time, some people criticized me for looking at a move away from lockstep compensation as tantamount to a salary cut. A firm could move away from lockstep to give its […] -
Salary Cuts
Nationwide Salary Cut Watch: Perkins Coie Makes a Tiny Incision
Might this be the kindest cut of all? Perkins Coie just announced a salary cut for associates, but it’s rather small — and it was accompanied by good news. Today a firm-wide voice mail from managing partner Robert Giles went out, announcing the following: — an average 3.8 percent pay cut for Perkins Coie associates, […] -
Salary Cuts
Nationwide Salary Cut Watch: Mintz's Levy on Salaries
Two weeks ago, Mintz Levin laid off 15 associates. But apparently those cuts were not deep enough. Above the Law has been able to confirm that Mintz Levin has cut associate salaries. A tipster explains it this way: Salaries will be adjusted as follows (firm-wide, all departments) based on this 12-month period: * Hours greater […] -
Associate Salaries, Biglaw, Money, NALP, Salary Cuts
It's All Downhill From Here? Pay Reaches Apogee, NALP Says
There’s nothing quite like the burning smell of deflation on a Monday morning. NALP has released its associate salary survey. The good news is that the median starting salary for associates is $130,000. The bad news is that there is no way on God’s green earth that the median salary is going to stay that […] -
Salary Cuts
Troutman Sanders: Pay Cut is NOT Retroactive
Earlier this week, we reported that the Troutman Sanders pay cut applied to associates’ entire 2009 salary. We were wrong about that. A Troutman Sanders spokesperson explained to us that the pay cut will only apply to associate compensation from August 1, 2009 through the end of the year. Why the confusion? Let’s go back […] -
Holland & Knight, Salary Cuts
Nationwide Salary Cut Watch: Holland & Knight
Last week, we brought you some salary cut news from the Sunshine State. Today we bring you more such news. Holland & Knight, a large national law firm with a significant presence in Florida (the state it started in), announced pay cuts yesterday for associates, senior counsel, and senior professionals. The salary cut will be […]