Morgan Lewis Axes 2010 Summer Program, Plans to Eliminate Lockstep
In a video conference with all associates and staff today, the chairman of Morgan Lewis & Bockius has reportedly announced a series of economy moves.
They include axing the 2010 summer program and all on-campus law school interviewing this fall and pushing back the start dates for current summer associates they hire to 2011, reports Above the Law. The firm also plans to eliminate lockstep compensation in 2010.
However, there is good news for current associates, the law blog notes—there was no announcement of layoffs.
“We’re running our own business and focusing relentlessly on client relationships,” chairman Francis Milone tells Above the Law in a written statement. “Doing so responsibly means continuing to reduce expenses, committing to the people in whom we are already invested, and looking at compensation across the board to ensure our structure matches the reality the entire legal industry must face.”
A Blog of Legal Times post also includes the full text of a letter the firm’s hiring partner is sending to law schools.
Related earlier coverage:
ABAJournal.com: “Pay Cuts Accelerate at Law Firms Across the Country”
ABAJournal.com: “Some Law Firm Clients Ban 1st-Years, Says Morgan Lewis Chair”
ABAJournal.com: “Morgan Lewis Chair is ‘Very Confident & Positive About the Future’”
