Blank Rome has become the latest law firm to put the squeeze on associate salaries, with much of the focus on more junior associates. Effective July 17, first-year associates face a $15,000 pay cut. Other associate classes will see a 2 percent to 10 percent pay reduction, the firm said in a statement, adding that the cuts are a market adjustment. One recruiter predicts that first-year associate salaries will ultimately fall to a "natural level" of between $110,000 and $120,000.
Blank Rome to Cut Associate Compensation by $15,000
The Legal Intelligencer
July 6, 2009