Law Practice Management
McDermott Cuts Pay for Summer Associates to $135K
Posted May 29, 2009, 10:41 am CST
By Martha Neil
First-year associates at McDermott Will & Emery are still being paid a $160,000 annual salary.
But the firm is paying less to summer associates this year, who will be compensated according to a prorated $135,000 annual salary, reports Above the Law, based on information from an unidentified law firm spokesperson. The summer associates were informed of the pay cut "upon arrival," since McDermott traditionally tells them then what they will earn, the spokesperson told Above the Law..
"The compensation reduction was driven primarily by client concerns and reflects the challenging and ever-changing market realities that confront law firms across the U.S.," the firm says in a written statement provided to the law blog. "Our clients have expressed concerns about cost-consciousness and use of junior attorneys on their matters."
By lowering billable rates for summer associates as well, and thus making it more attractive, financially, for clients to use summer associates on their matters, the firm helps the fledgling legal eagles get better work experience, McDermott points out.
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