More BigLaw Firms Cut Associate Pay
Recent attorney pay cuts by Nixon Peabody and Seyfarth Shaw seem to be part of a growing law firm trend.
However, California-based law firms generally seem more willing to reduce associate salaries than those in New York, consultant Peter Zeughauser tells the Recorder.
And in Washington, D.C., firms cutting attorney pay are focusing on punishing low billers, reports the National Law Journal in an article reprinted by New York Lawyer (reg. req.).
“Law firms are starting to realize what was obvious to everyone else. They’re saying to each other, ‘We’ve been nuts all these years to be paying $160,000 as a starting salary’ ” says legal consultant Jerry Kowalski, who is based in New York City.
Hat tip: Am Law Daily.
Related coverage:
ABAJournal.com: “As a Few Firms Cut Associate Pay, Some Ask: How Low Can It Go?”
ABAJournal.com: “Baker & McKenzie Reportedly Cuts Pay for Some Associates”
ABAJournal.com: “Some Law Firm Clients Ban 1st-Years, Says Morgan Lewis Chair”
Updated at 2:45 p.m. to include additional National Law Journal information.
