Holdout Covington & Burling Freezes Salaries Outside New York
Posted Nov 11, 2009 8:06 AM CDT
By Debra Cassens Weiss
Covington & Burling had been something of a holdout, refusing to freeze associate salaries even as other large law firms froze or cut pay.
Now Covington has announced it will be freezing salaries after all, but only in offices outside of New York City. Above the Law broke the news.
The firm issued this statement to Above the Law: “Earlier today, we announced that we will not be increasing associate salaries in our offices outside of New York. Our decision was based on an assessment of the market for associate salaries and our best sense of the fair and appropriate course to take in the current environment.”
The American Lawyer also had the story. “Covington associates can at least take heart in the fact that their firm hasn't had to reduce base salaries, a move several high-profile firms have made in the last year,” the publication says.