Seyfarth Shaw is cutting first-year associate salaries by 5 percent to 10 percent for all first-years who start in 2010, according to J. Stephen Poor, the chair and managing partner of the firm. The news was first reported on Above the Law.
Seyfarth is the latest firm to announce associate salary cuts, joining an ever-growing list that includes DLA Piper, Howrey, Drinker Biddle & Reath, and Reed Smith.
The firm declined to comment beyond a statement Poor released in which he tied the salary reductions to "pressure" its clients are feeling to cut costs.
The announcement came on the same day Seyfarth informed half of its 16 incoming first-years scheduled to start in January that they would not start until October 2010. Those eight associates will receive $2,000 a month between January and their new start date, the firm said. Seyfarth left open the possibility that the associates could start earlier if business picks up.
This article first appeared on The Am Law Daily blog on AmericanLawyer.com.
