Pay Hikes Delayed, Business-Based Bonuses Axed at Bryan Cave
Associates at Bryan Cave will have to wait three months longer than usual to learn whether they will get a pay hike. And they won’t receive bonuses under the firm’s unusual business generation program after November tallies.
The firm announced the news in a memo yesterday that was posted on Above the Law. Staffers aren’t exempt from the pain. They won’t hear of any pay hikes until April 1, and they won’t get any discretionary bonuses.
However, associates will still be eligible for bonuses under the merit-based program, and staffers will still get hours-based bonuses, the memo says.
The moves come after the firm voted earlier this month to merge with Powell Goldstein, bringing in about 220 additional lawyers. Bryan Cave chairman Don Lents told the American Lawyer the cost-cutting moves mean the firm won’t have to lay off any associates—for now.
“We are not contemplating any layoffs right now,” he told the publication. “But like any other business, we’ll simply have to continue monitoring things.”
