The abandoning of lock-step pay strikes fear in the heart of many attorneys — it means that your huge salary and bonuses will no longer be guaranteed just for showing up.
The actual work you do will have some weight. And who wants that?
OK, many hard-working attorneys who go above and beyond and excel at their jobs do.
The tipster says a firm email indicated the firm is “slashing associate salaries firmwide” — up to 25-35% salary cut for midlevel and senior associaties.
The firm, however, told Above The Law that, starting January 1, “merit-based elements” will play a “more significant” part in associate compensation.
Associates who “work hard and master associate competencies,” have no need to worry, though! They will continue to be compensated “at or above current levels,” the firm rep told Above the Law.
A timeline of events and the full statement from the firm here.
There seems to be a fairly big gap between what the tipster is saying and what the firm is saying, so we’ll see how this one plays out.
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