Salary Freeze
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Associate Bonus Watch 2009, Salary Cuts, Salary Freeze, Venable
A Bonus, A Salary Thaw, A Salary Freeze -- It's All Possible at Venable
We all know that Venable is a “wacky” place to work. But is the firm also cheap? Last week, the firm announced its 2010 salary structure. It’s almost like Venable looked at all the different ways firms are handling salaries and decided to try all of them, at the same time. The firm-wide memo from […] -
Arnold & Porter, Salary Freeze
Nationwide Salary Thaw: Arnold & Porter
Ed. note: An earlier version of this post incorrectly stated that the firm has not yet communicated to its associates about salaries. This was correct as of late December, but shortly before the new year, the firm made its announcement. We have amended the post accordingly, and we apologize for the error. It’s a brand […] - Sponsored
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Associate Bonus Watch 2009, Associate Salaries, Hogan & Hartson, Lovells, Salary Freeze
Hogan & Hartson: Bonus and Salaries for the New Year
Much of the recent talk about Hogan & Hartson has focused on their merger with Lovells. While transatlantic mergers thrill the imagination, back on the ground in the States, people are still concerned about their paychecks. Hogan has long had a two-track salary system. The higher track paid market salary with the expectation that associates […]
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Associate Salaries, Salary Freeze
Salary Thaw Structure: A Chart!
As firms start to unfreeze salaries, all in different ways, we at Above the Law have started to notice a lot of confusion about what these unfrozen salary structures look like. We’ve been seeing a lot of comments and emails like this one: wtf is a true up vs. a thaw…dude…not everyone reads this blog […] -
Akin Gump, Associate Bonus Watch 2009, Bonuses, Salary Freeze
Nationwide Salary Thaw Watch: Akin Gump
We previously expressed skepticism towards the notion of a salary thaw. As Elie wrote, “Ha. Haha. Unfreezing? Yeah. Let me just ride my unicorn down the streets of El Dorado and see what there is to see.” But perhaps the joke is on us. It seems that some firms are unfreezing salaries. On this subject, […] -
Allen & Overy, Associate Bonus Watch 2009, Magic Circle, Salary Freeze, United Kingdom / Great Britain
Associate Bonus Watch (and Salary Thaw): Allen & Overy
Cheerio, old chap! This week brings news of bonuses — and a salary “unfreeze” — in the New York office of Allen & Overy. Allen & Overy — a global mega-firm with over $2 billion in annual revenue, headquartered in London but with a worldwide footprint — is making a go of it here in […] -
Associate Salaries, Salary Cuts, Salary Freeze
Hope You're Enjoying the Paycut, Because It's Here to Stay
The artifice of the slurpee salary freeze and the “temporary” salary cut can be put to rest. As long as you are not doing keggers with the firm Kool-Aid, you already know that Biglaw will keep associate salaries depressed for as long as they can. It’s not hard to see where this is going, as […] -
Killing Lockstep, Salary Freeze
DLA Piper: Bringing the Curve to Biglaw
If you thought you left the curve behind when you graduated law school, think again. DLA Piper has decided to throw its hat into the killing lockstep arena. In a long memo released to associates this morning, DLA outlines its intention to withhold a greater percentage of associate compensation until the end of the year. […] - Sponsored
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Associate Salaries, Biglaw, Salary Freeze
Open Thread: Salary Thaw? Anybody?
On Wednesday, we reported that Patton Boggs was keeping its salary freeze in place. In November, we told you that Covington & Burling was instituting a salary freeze, even though the firm didn’t do it last year. But the news coming out of D.C. isn’t putting a damper on the holiday hopefulness of some New […] -
Associate Bonus Watch 2009, Patton Boggs, Salary Cuts, Salary Freeze
Associate Bonus Watch: Patton Boggs and the D.C. Market
Yesterday we reported that Patton Boggs was having an all associates meeting and wanted its people to be there in person. With everybody gathered around, Patton Boggs unleashed a torrent of news. First things first. Here’s the bonus announcement, from a statement the firm released to Above the Law about the meeting: As usual, we […] -
Salary Freeze
Nationwide Salary Freeze Watch: Covington & Burling
Oh no. Is it really time to crank up the salary freeze watch again? I thought that the big question this winter would be whether firms that froze salaries last year would be unfreezing pay for 2010. And whether or not the raises were a “true up” raise that put people up to where they […] -
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 […] -
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. […]
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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 […] -
Salary Cuts, Salary Freeze
Nationwide Salary Cut and/or Freeze Watch: A Request for Updates
These days, salary cuts at large law firms appear to be more popular than salary freezes. A salary freeze may actually be “good” news to associates, insofar as it’s not as harsh as an outright salary cut. On the other hand, having your salary cut is better than being laid off — at least according […] -
Biglaw, Money, Salary Cuts, Salary Freeze, Skaddenfreude
Nationwide Pay Freeze Update: Slurpees Still on Ice (or Poured Out)
At the beginning of 2009, we were tracking salary freezes as law firms across the country froze their salaries at 2008 levels, rather than instituting lockstep raises based on seniority. Our most recent salary freeze round-up was in February. (We also acknowledged those that had raises as normal.) Since then though, the salary freeze watch […] -
Paralegals, Salary Freeze, Secretaries / Administrative Assistants
O'Melveny Freezes Staff Salaries to July 2010
At what point does a salary freeze start to feel like a salary cut? Staff at O’Melveny & Myers are about to find out. O’Melveny just announced a new salary ice-age for its staff. Above the Law obtained this internal memo sent to O’Melveny staffers: We are committed to taking proactive steps to maintain our […] -
Salary Freeze
Inside the Black Box: Jones Day Staff Salary Freeze
As many of you know, Jones Day guards its salary information as if the firm is protecting the Holy Grail. Compensation is kept confidential and talking about what you make, even to colleagues, is generally discouraged. But no firm is immune from the global economic crisis. Today, a piece of information leaked out of Jones […] -
Salary Freeze
Nationwide Pay Freeze Watch: Skadden Freezes Counsel Salaries
There is late breaking news from Skadden tonight. Apparently the firm has decided to freeze salaries on its counsels. Here is the memo Skadden counsel received: TO: Counsel RE: Compensation Given the current economic conditions and the level of activity within the firm, we have decided that we will not be increasing salaries for counsel […] -
Biglaw, Money, Salary Cuts, Salary Freeze
Are Salary Cuts Coming?
Yesterday, we reported that Allen Matkins is cutting associate salaries. We don’t think that Allen Matkins will start a deflationary trend back towards $145K. But The Recorder reports that top firms are “salivating” for at least one market leader to make it okay for top firms to cut salaries: But it’s clear that firms high […]