Foley Hoag Embraces Pay Cuts, New Bonus System

By Julie Zeveloff

Law360, New York (October 29, 2009, 5:26 PM ET) -- Foley Hoag LLP has become the latest law firm to slash base salaries for associates, informing employees of the impending pay cuts as part of a strategic reform to improve attorney development.

A spokeswoman for Foley Hoag on Thursday confirmed the new compensation system, which also includes changes to the firm's bonus program.

In a memo obtained by Above the Law, Foley Hoag told attorneys that their base salaries could be cut by as much as 10 percent, effective Nov. 1.

Aggregate base salaries were reduced...
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