Latham’s ‘Prudent Business Strategy’: Pay Freeze for Associates
Latham & Watkins is freezing pay for associates as part of a “prudent business strategy.”
Latham chairman and managing partner Robert Dell issued a statement today that confirms the freeze, reports The BLT: The Blog of Legal Times.
Beginning in 2009, all first- and second-year associates at Latham will earn $160,000 in base pay, The BLT reports. The salary increases for those with more experience and tops out at $265,000 for eighth-year associates.
“We are modifying associate compensation as part of a prudent business strategy in the face of challenging economic times,” said Dell’s statement, quoted in The BLT. “All associates moving to the next class year on Jan. 1, 2009, will continue to receive the same base compensation as they received in 2008.”
Above the Law broke the news earlier today. One Latham tipster commented to the blog, “We’re assuming that our bonuses this year will be somewhere in the range of a $10 Starbucks card.”
