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O’Melveny & Myers, which in March laid off 190 people, is freezing salaries for staffers across the firm. Lawyers are not affected.
There will be no salary increases in 2009; and the performance evaluation cycle will now cover July 2008 to July 2010. Salary increases will be considered in (but are not promised for) July 2010.
O’Melveny is evaluating its other compensation programs, such as annual bonuses.
The firm has delayed start dates for new associates to December 2009.
O’Melveny & Myers LLP is the 19th largest law firm in the world. It employs 1200 attorneys in 14 offices worldwide.
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