We saw a post on Above the Law today that said Los Angeles’ Allen Matkins had made another cut to associate salaries. Oh, and some layoffs. ATL recaps the rough year the 200-something-lawyer firm has had, but was stonewalled by management when it called for confirmation/response/defense.
Mike Palmer, the firm’s executive director called us back late this afternoon and confirmed that Allen Matkins has cut the salaries of a number of associates at all levels in slow practice areas, primarily real estate and corporate. Some of them had already had their pay reduced in March, but Palmer said it was the first cut for most. He confirmed the reductions ran between 15 and 30 percent of pay and would be effective Nov. 1.
More, after the jump.
Palmer said he hopes the cuts are temporary, depending on the economy and work flow. “We view it as deferred compensation,” he said.
Allen Matkins also let go “fewer than 10” associates in its biggest offices, Palmer said. One associate was laid off from San Francisco, he said.
The firm had its first round of salary cuts and layoffs in March, though in May recruiting partner John Gamble was talking to us about hiring in certain areas.
In other moves among midsized California firms, we confirmed our report that San Francisco's Folger Levin will be merging with D.C.’s Crowell & Moring. You can read that at CalLaw.
— Petra Pasternak
I’ve heard that a hungry dog hunts best. I don’t know if that’s actually true because my pugs were always hungry, and yet they could not have caught a three-legged turtle. But the saying makes sense, and I do know that staying hungry — but not desperate — is an important concept for law firms.
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