DLA Piper, which this week laid off 24 lawyers and 100 support staff across its UK offices, today announced salary reductions.
From the memo:
Our partners… have already accepted significant reductions in our projected 2009 compensation, and compensation levels for Of Counsel and Senior Counsel have also been reduced. We are now taking the further steps of bringing US associate salaries and staff salary increases into alignment with market realities.
We are making an adjustment of our base associate compensation in our major markets to $145,000. In those markets where the starting compensation has been $145,000, we are adjusting it to $130,000. Adjustments to all associate salaries at other class levels will be determined and communicated on a case-by-case basis based on class year and performance levels. We will continue to reward associates for exceptional performance in 2009 through our bonus program, taking into consideration both the associate’s performance and that of the firm. We also will not increase paralegal and staff compensation for this year. The timing and implementation of all of these actions will take effect June 8th and be reflected in the June 19 paycheck.
The firm intends to “examine and develop advancement and compensation alternatives,” whatever that means.
DLA Piper is one of the largest law firms in the world, and is the only firm with more than 3,700 lawyers in North America and Europe. DLA Piper is a legal services organization whose members and affiliates are separate and distinct legal entities. Together, the organization operates in 28 countries and 66 offices throughout the world.