IP Firm Townsend Joins Ranks Of Salary Slashers

Law360, New York (September 28, 2009, 4:02 PM EDT) -- Intellectual property law firm Townsend and Townsend and Crew LLP has told associates in an internal memo that it plans to cut salaries in 2010 — starting first-years at $145,000 — and that by 2011, it will launch a merit-based pay scheme.

Legal blog Above the Law on Friday posted the Townsend memo apprising associates of the new salary structure, and a firm spokesman verified the authenticity of the memo Monday.

“After much deliberation and consideration of the various issues involved, including the thoughtful input of...
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