Morrison & Foerster has frozen associate salaries and rejiggered its discretionary bonus structure for 2008 from a range of between $25,000 to $80,000 down to a range of between $6,000 and $62,000.
A memo to of-counsel and associates from Chairman Keith Wetmore said all 2008 bonuses will be paid on February 27, but “evaluation-based bonuses” are being revised. Hours-based bonuses and New York discretionary bonuses are the same as previously announced in May.
Also, the firm has frozen associate salaries for 2009. But, if you live in New York, you might get your 2009 raise sometime in 2010:
“In all offices except New York, 2009 base compensation will not increase by virtue of advancing a class year. In New York, however, where all major New York firms implemented step increases this year, the step increase will be paid as a Contribution Bonus in January 2010 in an amount equal to the step increase that would otherwise have applied for that class,” the memo read.
Wetmore confirmed the confidential memo (including the bonus table), which was first published on the legal blog Above The Law, is accurate.
— Amanda Royal