A difficult year at Dewey
In November of last year, Dewey & LeBoeuf chairman Steven Davis was quoted saying that though the firm had seen its structured finance work evaporate, it was in a stronger position than most other large New York law firms to weather the financial storms, given its global spread and practice group diversity. The firm's M&A head, Morton Pierce, said the firm was expected to hit budget, and projected an increase in profits for 2008. Six weeks later, Davis and firm executive director Stephen DiCarmine quietly told 19 partners that they should start exploring their options and that their compensation would be reduced to only their monthly draw. The luckier ones in the group had their compensation reduced to the standard draw of $25,000 (£17,800) per month, or $300,000 (£214,000) per year; lower-tier partners saw that draw reduced further to $10,000 (£7,100) per month - less on a yearly basis than a first-year associate.
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