New York’s Skadden has announced it will not raise salaries for counsel in 2009. Associates will not be affected.
The firm still intends to offer discretionary, merit-based bonuses.
Skadden is offering all its associates, about 1,300 worldwide, the option of taking one-third of their base pay not to work for a year.
The firm in March laid off an undisclosed number of staff attorneys and 50 support staffers. It has also launched a litigation program for its deferred incoming associates.
Skadden, Arps, Slate, Meagher & Flom LLP, founded in 1948, is a prominent law firm based in New York City. With over 2,000 attorneys, it is one of the largest and highest-grossing law firms in the world. Forbes magazine called Skadden “Wall Street’s most powerful law firm.”
