Chadbourne & Parke Cuts Associate, Staff Pay
In an effort to thwart additional recession-related layoffs, Chadbourne & Parke announced the firm is slicing the salaries of associates, administrative personnel and other staff for the remainder of 2009, effective this May pay period.
The base-salary cuts were announced via an e-mail memo sent today and will affect only Chadbourne’s U.S. offices, reports legal blog Above the Law. Andrew Blum, media relations manager at Chadbourne & Parke, confirmed the firm’s actions, which follow associate layoffs and salary freezes.
Blum would not disclose the amount by which salaries would be reduced, according to the Blog of the Legal Times, however, the e-mail memo offered some solace to lawyers and staff in the form of potential year-end bonuses.
“Depending upon firm financial performance and individual effort and contribution, all personnel will be eligible to recoup all or part of the amount of the reduction in the form of a bonus to be distributed at the same time discretionary bonuses have been traditionally distributed,” Chadbourne’s management committee wrote in the memo.
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