Baker & McKenzie Reportedly Cuts Pay for Some Associates
A major international law firm has reportedly joined a growing group of legal partnerships that have reduced the salaries of some associates.
Baker & McKenzie is reducing associate salaries on a case-by-case basis, informing those affected of the change in individual memos, writes Above the Law, relying on information from “a tipster.”
Asked about the claimed associate pay cuts, Baker & McKenzie e-mailed the following statement this afternoon to the ABA Journal:
“Similar to other law firms, we have considered and have been using a range of options to reduce costs across the firm. In select instances, we have reduced some salaries to preserve jobs. We are striving to be flexible and to retain as much of our talent as possible with the knowledge that the economy will inevitably brighten.”
The firm recently confirmed layoffs of 38 attorneys and 86 paralegals in its North American offices, as discussed in an earlier ABAJournal.com post.
Although other law firms have also reportedly cut associate pay, Baker & McKenzie apparently is one of the first, if not the first, to do so among major international law firms of its stature.
Related coverage:
ABAJournal.com: “BigLaw ‘Has Changed Forever,’ Says Womble Carlyle, Cutting Pay 10 Percent”
ABAJournal.com: “McKenna Cuts Starting Pay by $20K, Greenberg Confirms 10% Cut for Some”
ABAJournal.com: “As a Few Firms Cut Associate Pay, Some Ask: How Low Can It Go?”
