Dechert Chairman’s Pay Cut Is Not $1M, Spokeswoman Says

Thirty-six partners at Dechert are taking pay cuts, but reports that the chairman’s reduced draw amounts to $1 million are wrong, a law firm spokeswoman says.

The spokeswoman told the American Lawyer that the pay cuts are based on a percentage of each partner's annual draw, and partners could end up recouping the money in year-end bonuses. Firm chairman Barton Winokur is among the 36 partners getting reduced pay.

The spokeswoman did not reveal how much of a cut Winokur is taking.

Yesterday the Philadelphia Inquirer reported that Winokur revealed his $1 million pay cut at a secret enclave of law firm leaders. He also said that other Dechert leaders were taking salary hits, according to the story.

The pay cuts are among several cost-cutting measures implemented at Dechert. Other measures include laying off 92 lawyers and 62 staffers, pushing back associate start dates and prepaying expenses.

A 2007 story in the American Lawyer reported that Winokur was one of four lawyers at Dechert making nearly $8 million a year. The firm denied the report but the American Lawyer says it stands by the story.