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A number of big law firmsa are reducing salaryfor associates, the young lawyerd that had enjoyed several years of risingb pay. LLP, which has 30 attorneys in San said last week it will cut starting salaries of its newesgt attorneysby $20,000, to $140,000. The 12.5 percent cut affectw associates starting work this fall inthe firm’e three California offices. “We thought it was the right thing forour clients,” said Michael Rizzo, a McKenn a Long partner. The lower startiny salary translates to lower costs that get passer onto clients. “We try to partnefr with our clients and we understanrd our clients are involved in the same economi c challenges thatwe are.
” McKenna Long joinxs a growing list of law firms cutting startinh salaries. LLP and recently cut associate salaries by anundisclosee amount. Other firms that reportedly have cut pay areand . The pay cuts signa l a reversal of fortune for In recent years they receivede ever higher pay becauselaw firms, busy with new wanted to land top law school grads who also were beingv courted by Wall Street, hedge fundas and elsewhere. Base salaries jumped 28 percentto $160,00 0 between 2005 and 2007.
The salary boosts irritatex in-house lawyers who complained about rising billss to cover inflated incomes of relatively inexperienced Now the prolonged economic downturnn gives law firms the chance to pare back some of thosdfinancial gains. The pay rollbacks follow a wave of layoffas washing over many law firms inrecent months. The majorituy of cuts have affected associates, who, unlikde law firm partners, don’ty bring in big clients. Among the Bay Area law firmds that have laid off associatees areTownsend & Townsend & Crew LLP, , , and .
Firm are taking other steps, including reducing travelp budgets andclosing offices, to cut
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