Boies Schiller Flexner over the summer promised to raise associate salaries so they would be on par with the Cravath, Swaine & Moore market rate, sources have told The American Lawyer, but the effective date of the increase has come and gone, and the firm has not paid out the promised salaries. Now, rumors are swirling around cash flow issues at the firm, sources say.
Two sources close to the firm said that associates did not receive the raises promised to them in June, shortly after the firm tweaked its associate bonus plan. Associates were given the choice between the firm’s original formula system and a market rate system.
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