Law360, New York (July 22, 2009, 3:43 PM ET) -- Troutman Sanders LLP became the latest firm to cut associate pay when it announced Wednesday that it would lower its total budget for associate salaries through the end of 2009 by 10 percent.
The firm said in a statement that it had decided to reduce overall pay allotted for August through December. But rather than dropping all associate salaries by 10 percent, Troutman will cut salaries "based on each associate's individual performance evaluation."
Troutman chairman and managing partner Bob Webb told the firm's associates of the...
Troutman Sanders Cuts Associate Pay
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