We’ve got two painfully funny / bad / uncomfortable lawyer-produced clips today. Normally, I wouldn’t seek out clips like this to write about, but both of these were submitted to us by their creators. So, I guess, be careful what you wish for.
After the jump, check out the mid-size California firm that hopes you’ll call them, maybe, and a war crimes lawyer turned comedienne who sings a love song to Mitt Romney — while wearing a bikini, of course…
First year salary has been reduced from $160K to $145K. A number of other associates (excluding first years) were informed that their salary would be reduced by 15% or 30%. Those associates were told that they were selected to receive “adjusted” compensation based on their hours, although the actual method for determining which associate would be subject to this salary adjustment was not disclosed and remains unclear.
We now understand that many mid-level and senior associates took a 20% salary hit.
But we also understand that a 20% salary cut has also been executed on the firm’s paralegal contingent. A tipster reports:
You did not mention that paralegals were grouped with associates and also had their salaries cut by 20%.
Associates and paralegals all met individually with two partners who notified us of the pay cut and told us that if we could manage to get our billable hours up to goal before the end of the year we would get the full 20% back. And if we could get to a slightly smaller goal, they would return 10%. There were no explanations about how they arrived at these various figures and at that time we didn’t know that first years’ salaries were only being cut 10%. We were told this measure was needed to avoid further layoffs although there were also a number of people let go that day.
We haven’t really heard about firms cutting salaries on paralegals. Paralegals have been fired for sure. But there just hasn’t seemed to be a lot of economic upside to shaving a few dollars on salaries of people who already don’t make very much money.
More news from Allen Matkins after the jump.
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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