Lawyer Pay
Chadbourne & Parke Cuts Associate, Staff Pay
Posted Apr 23, 2009 4:39 PM CST
By Rachel M. Zahorsky
In an effort to thwart additional recession-related layoffs, Chadbourne & Parke announced the firm is slicing the salaries of associates, administrative personnel and other staff for the remainder of 2009, effective this May pay period.
The base-salary cuts were announced via an e-mail memo sent today and will affect only Chadbourne’s U.S. offices, reports legal blog Above the Law. Andrew Blum, media relations manager at Chadbourne & Parke, confirmed the firm’s actions, which follow associate layoffs and salary freezes.
Blum would not disclose the amount by which salaries would be reduced, according to the Blog of the Legal Times, however, the e-mail memo offered some solace to lawyers and staff in the form of potential year-end bonuses.
“Depending upon firm financial performance and individual effort and contribution, all personnel will be eligible to recoup all or part of the amount of the reduction in the form of a bonus to be distributed at the same time discretionary bonuses have been traditionally distributed,” Chadbourne's management committee wrote in the memo.
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Comments
B. McLeod
Apr 23, 2009 4:55 PM CST
Year-end bonuses are a great tool, because they keep “associates” grinding away all year, but the firm can prevent them by September/October layoffs if need be.
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Debra VEOLI
Apr 24, 2009 5:31 AM CST
Is this silly? Now they cut our salary’s because of what?
It is the WHINY clients that are causing all of this. I don’t like it.
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J. Barnes
Apr 24, 2009 7:54 AM CST
Perhaps the partners should absorb some of the financial cuts, rather than putting them off on staff and associates.
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KM
Apr 24, 2009 9:29 AM CST
Associate salaries are totally out of line with the worth of a beginning lawyer. Cut the salaries some more so that new associates are paid not more than starting ADA’s.
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B. McLeod
Apr 24, 2009 3:17 PM CST
Chadbourne Parke is melting, in the dark, all that sweet, green moolah slowing down. Someone let the take go down the drain. I don’t think they’re going to make it, and the partners just can’t fake it, and they’ll never work this Ponzi scheme again (aaaa-gaaaiiiin).
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Kalifornia Arnold
Apr 25, 2009 12:49 PM CST
Looks like the firm had to make a space for Parke
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