Dechert has confirmed to The Am Law Daily that the firm's 36 highest-paid partners have agreed to take a cut in their annual draw. The news follows a Philadelphia Inquirer report that firm Chairman Barton Winokur would take a $1 million pay cut. The partner pay cuts are based on a percentage of each partner's annual draw, a Dechert spokeswoman says, declining to detail those percentages. Depending on firm performance during the next few months, partners could recoup that money in bonuses at year's end.
36 Dechert Partners Taking Pay Cuts
The American Lawyer
May 13, 2009