Some partners have seen their compensation reduced by as much as 80%. The salary reductions are meant to encourage less productive partners to seek employment elsewhere.
The affected partners include some who have been practicing for 25 years or more.
The more fortunate are now taking home $25,000 a month, standard for partners. Lower-tier partners have seen more drastic reductions, with monthly pay of as little as $10,000 — less than the starting salary for a 2008 incoming first-year.
Dewey has shut offices in Jacksonville, Florida; Austin, Texas; and Hartford, Connecticut.
Dewey & LeBoeuf is a white shoe law firm formed in 2007 by the merger of Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae. The firm has 24 offices in 14 countries.