Base compensation for our first year associates is being cut from $160,000, formerly the Biglaw standard, to $145,000. The base compensation for all other associates will be reduced by 8%, with a floor of $150,000 and $155,000 for second year and third year associates, respectively.
Base compensation for all of counsel will be reduced by 8%.
All non-equity partners will see a base compensation reduction of 8%, excepting those that are on track that meet the firm’s 1800-hour billable hour standard.
Senior staff will have a base compensation reduction of 8%. All other non-legal staff will be unaffected.
The profiles for equity partners were set at 5% below last year’s earnings at the beginning of the year. The final compensation decisions for equity partners will be based on 2009 individual and firm performance.
All compensation adjustments will be effective July 11, 2009.
In March, the firm laid off 64 people and deferred incoming associates.
Venable LLP