Dewey & LeBoeuf has confirmed that 66 partners -- about one in five of the firm's 350 partners -- have seen their compensation reduced by as much as 80 percent over the past 15 months. The cuts mean that some lower-tier partners are now taking home as little as $10,000 per month, or an annual total of $120,000 -- $40,000 less than the starting salary for a 2008 incoming first-year. The reductions are meant to weed out less productive partners, firm Chairman Steven Davis says.
Dewey & LeBoeuf Cuts Compensation of 66 Partners
The American Lawyer
March 16, 2009