Akerman Senterfitt has announced it is cutting associate pay by 10 percent, according to sources familiar with the firm. The pay cuts were reportedly ordered in an effort to prevent job cuts, which may be the next course of action if the economy doesn't improve soon. The firm is also said to be shifting away from lockstep raises and plans to implement a merit-based compensation system. One source said bonuses may zero out the pay cut's impact for high-performing associates.
July 22, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Akerman Senterfitt is cutting associate pay by 10 percent.
Andrew Smulian, the firm’s chair, announced the cuts late last week by e-mail, sources familiar with the firm said. The pay cuts were ordered in an effort to prevent job cuts. The firm is also shifting away from lockstep raises and plans to implement a merit-based compensation system.
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