Citing a "radically changed business environment," Orrick, Herrington & Sutcliffe announced in a memo distributed on Monday that it would freeze salaries for its nearly 670 associates. Despite the salary freeze, Orrick told associates that it will still pay out 2008 bonuses in February as previously promised. The news comes at the end of what has become a harsh year for Orrick, which in November laid off 40 lawyers in its real estate, structured finance and corporate practices, as well as 35 staff.
December 30, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Citing a “challenging business environment,” Orrick, Herrington & Sutcliffe announced Monday it would freeze salaries for its nearly 670 associates.
In a memo distributed Monday, the firm announced that associates in the United States, Europe and Asia will receive the same salary in 2009 as they did this year. The move follows a similar announcement by Latham & Watkins earlier this month; Dorsey & Whitney has announced plans to follow the same route.
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