Cravath Firm Cuts Bonuses for Most-Junior Lawyers
Headline News
Cravath, Swaine & Moore LLP, the New York law firm, announced bonuses for salaried lawyers ranging from $7,500 to $30,000, based on experience, according to bloomberg.
Cravath’s announcement opens the bonus season among large New York law firms. The bonuses are less than half of what the most junior associates received last year, when bonuses were between $17,500 and $30,000.
“It’s the junior associates who really took a haircut this year,” said New York-based legal consultant Bruce MacEwen. “I think Cravath is reflecting the attitude that, frankly, junior associates aren’t worth as much. They don’t have experience. They don’t know what they are doing. It’s nothing personal.”
In the last two years, the biggest law firms in cities including New York, Chicago and Boston began paying first-year attorneys $160,000, according to a survey released July 30 by The National Association for Law Placement Inc.
Salaries for first-year attorneys peaked in 2009 and are likely to decrease “for the foreseeable future,” according to the NALP survey.
Law firms are scrambling to cut costs as demand for legal services drops and corporations pressure law firms to reduce their fees. Many of the largest U.S. law firms fired junior attorneys and staff this year, and firms such as Nixon Peabody LLP, Baker & McKenzie LLP and Chadbourne & Parke LLP cut attorney salaries.
Related listings
-
Prominent law firm investigates partner
Headline News 11/02/2009The Supreme Court turned away another appeal to stop the release of documents generated for sexual abuse lawsuits against priests in a Roman Catholic diocese in Connecticut.The court on Monday refused to hear an appeal from the Diocese of Bridgeport,...
-
Court examines jury selection in doc's slay trial
Headline News 10/28/2009The highest court in Massachusetts is scrutinizing the jury selection process in the trial of a once-prominent doctor who is serving a life sentence in the 1999 killing of his wife.The Supreme Judicial Court has ordered Judge Paul Chernoff to answer ...
-
Ludacris Sued For Allegedly Stiffing Former Law Firm
Headline News 10/22/2009Law firm Carlton Fields P.A. has filed suit against Atlanta rapper Ludacris. reports the Courthouse News Service.Luda is being sued for non-payment of legal fees for services rendered between March 2008 and April 2009.The firm represented Ludacris an...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.