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Baltimore’s Venable is cutting salaries across the board, affecting all lawyers and staff, including partners.
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.
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All compensation adjustments will be effective July 11, 2009.
In March, the firm laid off 64 people and deferred incoming associates.
Venable LLP 
is a law firm, formerly known as Venable, Baetjer & Howard LLP. It was founded in Baltimore in the post-Civil War period. Today the firm maintains six Northeastern US offices and specializes in patent litigation, labor and employment law and white collar investigations. Venable employs nearly 600 attorneys.
