Posted Jul 02, 2009 03:20 am CDT
If firms really want to save costs—tangible and intangible—they ought to consider reducing hours and compensation of nonpartner attorneys across the board in impacted practice groups, according to the project.
Firms can save more by reducing the hours—and compensation—of a significant number of their attorneys than by outright firing a small number of lawyers, the group maintains.
Here’s the math based on a six-person practice group with each associate earning an average $200,000 salary:
($40,000 per attorney)
Three months’ severance: