Legal News

Salary cuts still a certainty at several firms

By Richard Binder

Associate salaries have been a hot topic in the legal industry for the past few months. It's clear firms are hearing from their consultants that they are paying associates too much, but many firms are reluctant to lower salaries for fear that they may not be able to recruit top talent. Nevertheless,  about a dozen large and midsize firms have cut associate salaries in some form or fashion. 

Nixon Peabody said last week it will pay incoming associates $145,000 in major financial centers, down from $160,000, with similar pay decreases in other parts of the country. It also reduced base pay for associates already working at the firm.

Seyfarth Shaw said that, in addition to laying off 50 attorneys and staff on Friday, it has cut salaries for "segments" of its associates and income partners by 5 percent to 20 percent.

Full story at The Recorder.

Full post as published by Legal Pad | LA on May 04, 2009 (boomark / email).