DLA Piper has informed all of its US partners that the firm is to reduce pay for most of them by 11.5% in 2009, while strong performers will get more money. The move applies only to the firms US operations, which has a total of 1,380 lawyers. US managing partner Terence O'Malley told Legal Week sister title The Recorder that the firm's projects revenue will fall by 7% in 2009 and profits will drop by 6%. "We are very pleased with how we are performing relative to the competition, but it is a tough economic environment," O'Malley said. "We are conservatively budgeting this year to be a down year."DLA's pay cut is part of an annual budget projection process and is not related to the firm's 2008 results. The firm ended 2008 with zero debt and will end 2009 with zero debt, said O'Malley.
March 23, 2009 at 06:56 AM
1 minute read
The original version of this story was published on Legalweek
DLA Piper has informed all of its US partners that the firm is to reduce pay for most of them by 11.5% in 2009, while strong performers will get more money.
The move applies only to the firms US operations, which has a total of 1,380 lawyers. US managing partner Terence O’Malley told Legal Week sister title The Recorder that the firm’s projects revenue will fall by 7% in 2009 and profits will drop by 6%.
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