Morrison & Foerster has frozen associate salaries and cut its associate discretionary bonuses to as low as $6,000 (£4,200) for 2008, reports The Recorder. A memo to of counsel and associates sent out by chairman Keith Wetmore on Wednesday (18 February) said that all 2008 bonuses will be paid on 27 February, but "evaluation-based bonuses" are being revised. Hours-based bonuses for everyone and discretionary bonuses for New York-based associates will stay the same.The discretionary bonus structure announced in May ranged between $25,000 (£17,500) and $80,000 (£56,000). The revised structure for 2008 ranges between $6,000 and $62,000 (£43,400).
February 20, 2009 at 04:19 AM
1 minute read
The original version of this story was published on Legalweek
Morrison & Foerster has frozen associate salaries and cut its associate discretionary bonuses to as low as $6,000 (£4,200) for 2008, reports The Recorder.
A memo to of counsel and associates sent out by chairman Keith Wetmore on Wednesday (18 February) said that all 2008 bonuses will be paid on 27 February, but “evaluation-based bonuses” are being revised. Hours-based bonuses for everyone and discretionary bonuses for New York-based associates will stay the same.
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