Law360, New York (January 23, 2009, 12:00 AM ET) -- Law firms have already taken dramatic steps to stay afloat in the midst of the current recession, resorting to layoffs, bonus reductions and salary freezes. But with a bleak economic forecast for 2009, pay cuts for associates may be inevitable.
Rumors recently began swirling on legal tabloid Above the Law that Cadwalader Wickersham & Taft LLP is preparing to offer some associates a pay cut in exchange for staying at the firm while also planning to keep other associates' salaries at 2008 levels.
This reported situation...
Associate Pay Cuts May Be On The Horizon
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