Gardere Wynne Latest To Cut Associate Pay

Law360, New York (May 7, 2009, 12:00 AM EDT) -- Texas firm Gardere Wynne Sewell LLP has reduced associate salaries, arguing that paying newly minted lawyers $160,000 in the current economic climate “doesn’t make sense.”

According to a memo released on Tuesday, Gardere cut first-year associate salaries from $160,000 to $145,000 as of May 1. Salaries for second-year associates were reduced to $150,000, the firm confirmed.

The memo, issued by managing partner Stephen Good, said that the decision was based on an effort to bring “economic rationality” to its associate compensation program.

“As most law firms...
To view the full article, register now.