Alston & Bird is the latest firm to freeze associate salaries at 2008 levels.
The Atlanta firm has informed associates that raises planned for 2009 have been cancelled.
Throughout 2008, firm management implemented a variety of measures to address the financial situation. As the Partners Committee has engaged in the budgeting process for 2009, it has become apparent that additional expense savings are mandated for sound financial stewardship of the firm.
To that end, associates will be paid the same base compensation in 2009 as they were paid in 2008.
Bonuses for 2009 are not affected, and the firm promised to revisit the salary situation later in the year.
Last year the firm offered early retirement packages to all staff that had been at the firm for more than 10 years and were over age 55.
Alston & Bird consistently ranks on Fortune’s list of the 100 best companies for which to work, placing #31 in 2008.