Holland & Knight is cutting associate pay an average of 7 percent, and as many as 50 South Florida associates could lose as much as 10 percent.

“The legal profession has experienced a significant decline in demand for services during the past year. In response to these changing market conditions, law firms have been forced to manage more carefully all of their expenses,” managing partner Steven Sonberg wrote in a statement outlining the cutbacks. “Like many other firms, Holland & Knight is reducing the base salaries of its associates, with limited exceptions.”