When asked in July whether Townsend and Townsend and Crew would be cutting associate salaries, Chairman James Gilliland said that “all those balls are up in the air.”
On Friday, the balls came down and took a bad bounce for some associates.
Townsend and Townsend and Crew has announced it will reduce the pay scale for attorneys in 2010, which includes cutting first-year associate salaries from $160,000 to $145,000. The 200-lawyer firm also said that it would ditch lockstep compensation altogether in 2011 and move to merit-based pay, a system popularized by national intellectual property firm Howrey. Townsend is exclusively an IP firm. The latest move shows that the once-abundant supply of patent litigation is drying up in the recession.
September 29, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
When asked in July whether Townsend and Townsend and Crew would be cutting associate salaries, Chairman James Gilliland said that “all those balls are up in the air.”
On Friday, the balls came down and took a bad bounce for some associates.
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