Venable Enacts Sweeping Pay Cuts

By Erin Marie Daly

Law360, New York (June 26, 2009, 12:00 AM ET) -- Venable LLP has announced across-the-board salary reductions for its associates, counsel, staff members, nonequity partners and equity partners, citing the dismal economic outlook.

The pay cuts, revealed in an internal memo posted Friday on legal blog Above the Law, come despite the firm’s vow that it has had a “relatively good start” to 2009.

Venable said that while it believed it was performing better than most of its competitors, “the ongoing economic uncertainty affecting our clients requires that management act prudently to ensure that the firm...
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