MoFo Lowers Bonuses, Freezes Pay, But Creates NY Exception
Associates at Morrison & Foerster who work outside its New York office will be seeing lower discretionary bonuses—some as low as $6,000—for 2008 work.
The law firm had planned to award discretionary bonuses ranging from $25,000 to $80,000, but it has revised the range to between $6,000 and $62,000, the Recorder reports. Hours-based bonuses will remain the same.
The firm is also freezing associate salaries this year.
MoFo is making an exception, though, for New York associates, the story says. They will continue to receive discretionary bonuses in the higher range, and they will get an additional bonus in 2010 equal to the amount of pay increase they should have received in 2009 absent the salary freeze.
Last month the law firm laid off 53 lawyers and 148 staff members.
Above the Law broke the bonus news.
