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Associate Pay Cuts May Be On The Horizon

Law360 (January 23, 2009, 12:00 AM EST) -- 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...
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