Hey there, recession fans. Time for another round of "Who's Gutting Associate Salaries?" Our latest entrant is Perkins Coie, the Seattle-based firm that opted to make the news as upbeat as possible. According to the tipmeisters at Above The Law, the firm is cutting just under 4 percent of salaries, making it one of the softest hits, and expressing "confidence" that there will be no more layoffs this year. If that's true (and PC doesn't play the stealth layoff game), it's not all that bad a batch of news.
And for those of you who missed the news, NALP wants you to know that associate salaries are not going up.
|Firm||Ca. Associates||Date of Cuts||Salary Cuts|
||8-05-09||3.8% across the board
|Foley & Lardner
||7-20-09||10% across the board
|Alston & Bird
||7-01-09||$5,000 across the board; said to be temporary
||6-22-09||1Y to $100K base; 2y: $125K. Training all around.
||6-11-09||10% cut across the board
||6-09-09||"Temporary," productivity-based, said to be 10-20%
||5-21-09||1Ys to $145K; up to 15% for others; big "performance-based" revamp next year
||5-20-09||10% across the board; incoming at least that (TBD)
||5-15-09||1Y: Down to $145K in top markets. 2y+, case-by-case
|Seyfarth Shaw||82||5-01-09||Cuts of 5%-20% to individual associates, others|
|Nixon Peabody||66||4-27-09||1Y: $145K; other performance-based cuts of 15%-20%|
|Squire Sanders||38||4-27-09||All Classes: 10% cut|
|Baker & McKenzie||70||4-20-09||Reported 10%-25% cuts, not tied to class*|
|Davis Wright Tremaine||27||4-14-09||All Classes: 5% cut|
|Greenberg Traurig||66||4-13-09||1Y: $144K (10% cut)|
|Hogan & Hartson||31||4-02-09||1Y: $145K; Reduced "1800 hour track" for all levels|
||3-31-09||Incoming & current 1Ys: $145K. Some cuts to 2Y+ (reportedly about 20%)|
We'll continue to update as the cuts come. A few thoughts on the trend, plus caveats and whatnot, after the jump.