Associates at Alston & Bird, Hogan & Hartson Won’t Get Pay Raises
Alston & Bird and Hogan & Hartson are apparently the latest law firms to freeze associate salaries.
The blog Above the Law has published law firm internal memos announcing the freezes.
The Alston & Bird memo said the pay freeze was needed for “sound financial stewardship of the firm.” The decision will be revisited throughout 2009, and the firm’s bonus program will not be affected, the memo said.
“This is only one aspect of our continuing efforts to manage expenses and costs,” the memo said. “We will persist in these efforts together and all firm personnel, including partners, will undoubtedly be impacted by these measures.”
The Fulton County Daily Report sought comment from Alston & Bird managing partner Richard Hays, but got no immediate response.
The Hogan & Hartson memo said the firm anticipates “a challenging economic environment” in 2009. “This action is one of many measures the firm is taking to deal prudently with the current economic environment,” the memo said.
