Law Practice Management
Kaye Scholer to Cut Pay of Low-Billing Junior Associates by 15-20 Percent
Kaye Scholer has lowered the boom on junior associates who hadn’t hit their billable hours targets as of June 1.
First- and second-years who weren’t on pace to clock 1,600 hours by the end of the year will have their paychecks cut by 20 percent for the rest of 2009, reports the Wall Street Journal Law Blog. Third-years in the same situation will get hit with a 15 percent reduction for the second half of the year.
If they do actually meet the 1,600-hour target, however, their full pay will be restored, the post explains.
An unidentified source tells the WSJ blog that the pay cut likely will affect only a small number of associates at the New York City-based law firm.
Hat tip: Above the Law.
