Midsize Chicago firm cuts one quarter of associates, reduces salaries for partners
March 24, 2009
CHICAGO — Goldberg Kohn, a Chicago law firm with 77 lawyers, last week cut about one-quarter of its associates and dismissed support staff as part of a cost-savings effort that will also include reducing pay and scaling back its summer associate program.
The firm said that last week it dismissed nine associates and 14 support staff workers and reduced salaries for all remaining lawyers and staff, with the exception of associates. The pay cuts for the partners and staff vary, depending on the individuals. The firm now has 29 associates and 48 partners.
"These decisions were made in order to put us in a better position to deal with challenges which may lay ahead," the firm said in a statement. "We delayed taking this action as long as possible."
Goldberg Kohn, which provides services in the areas of commercial finance, litigation, bankruptcy and real estate, is the latest in a long list of firms nationwide that have been forced to cut lawyers and other employees in the face of a decline in demand for legal services triggered by the economic recession.Chicago-based Jenner & Block and Katten Muchin Rosenman, with origins in Chicago, also made cuts this month.
Goldberg Kohn said it is also reducing the length of its summer associate program this year to eight weeks and has delayed the start date for its incoming class of first-year associates.
"We wish these decisions had not been necessary, however, difficult times require difficult choices," the firm said.
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