Attorneys at Becker & Poliakoff are being hit with a 12 percent pay cut for the foreseeable future to help the real estate-dominated firm deal with a drop in profitability and delays in collections. The firm's managing shareholder, who used a podcast to inform attorneys and staff about the pay deferment plan, said the pay cut would be lifted if clients begin paying again, provided the attorneys are still with the firm. He said he expects to pay the money retroactively to attorneys who stay with the firm.
Caught in Real Estate Downturn, Firm Cuts Attorneys' Pay by 12 Percent
Daily Business Review
May 20, 2008