After law firms around the world have made their first round of global financial crisis induced lay-offs, some US firms are now implementing salary cuts.
Dewey & LeBoeuf has cut the pay of up to 66 US partners by as much as 80%. The move has reportedly left some Dewey partners taking home around just US$10,000 per month.
Meanwhile, DLA Piper’s US partners have faced an 11.5% pay cut amid gloomy predictions about the firm’s performance this year. And US- and UK-based firm Katten Muchin Rosenman has cut salaries by 20% for associates who did not meet more than 90% of their 2,000-hour billing quota during 2008. However, they can return to their former remuneration levels by reaching their 2009 billing targets.