Venable Enacts Sweeping Pay Cuts

Law360, New York (June 26, 2009, 12:00 AM EDT) -- 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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.