Latham & Watkins said Tuesday it will freeze associate salaries in response to "challenging economic times," a move that could signal the rest of the industry to follow suit, observers say. Latham was the No. 2 grossing firm in the country last year, according to The American Lawyer, with $2 billion in revenues and $1 billion in profits. Most associates would've seen their pay go up $10,000 to $25,000 on Jan. 1, depending on their class. Now, both first- and second-years will receive $160,000 in 2009.
Latham's Salary Freeze May Launch Trend
December 17, 2008