Cross-post from NY Board:
...pay cuts for many, if not most, of you are on the table
Subject: Salary Cuts (aka yet another reason to hate texas)
Disclosure: This quote is from a Greedy Texas Associate on the other board, so may have nothing to do with NY, but hopefully it will give us some much need salary chatter and indignation on this board.
Quote:
quote:A few things of consequence are on the horizon, and you will all no doubt be hearing more about this soon. There is serious talk among firm managements about rolling back associate salaries. Yes, management at firms with cutthroat competition for clients do communicate when it is in their self-interests to do so.
An across the board reduction in associate compensation is in active discussion. This will allow partners/shareholders/directors to maintain current incomes (necessary to meet current obligations), while addressing the concerns of many clients that the fee adjustments of the last four or five years are just not viable in today's market. Perception is reality here, and client comfort is key.
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-- see
http://www.infirmation.com/bboard/c...l?msg_id=002AJH for full text.
thoughts?
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