HO OH NO!!!! Not the Lawyers
An American Lawyer survey of law firm leaders found that 40 percent of the firms had reduced starting pay for their associates, and 44 percent are considering cuts next year. Venable managing partner Karl Racine sees permanent change afoot. “With associate salaries there is no doubt there is a correction taking place," he told the American Lawyer (sub. req.).
Pay hits weren’t the only way associates suffered. Sixty percent of the firms had deferred associate start dates in 2009, and 43 percent expected to do so next year. The practice could become the norm, according to Davis Wright Tremaine managing partner Dave Baca. "It is my prediction that the industry is moving to a January start date, which makes a lot more sense," since it would come after year-end collections, Baca told the American Lawyer.
Cost cutting also spurred associate layoffs and delayed the implementation of technology upgrades, the story says. It’s also producing smaller associate classes. Seventy-two percent of law firm managers said they expect their 2010 first-year associate class to be smaller.
IF WE JUST CUT EVERYBODY'S INCOME IN AMERICA 50%.....THINK ABOUT HOW MUCH MORE COMPETITIVE WE WOULD BE??????
50% UNEMPLOYMENT AND 50% INCOME REDUCTION.....IF YOU ARE NOT READY.....YOU ARE NOT PREPARED!!!!!!