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We all know that the banking industry is undergoing a metamorphosis, but it looks like law firms may also look different emerging from the recession. This weekend, The New York Times reported that top law firms are employing salary freezes:
"In mid-December, the legal profession was taken aback when Latham & Watkins, considered a market leader, announced that it would keep 2009 associate salaries at their 2008 levels. At least 20 large firms nationwide have since done the same."
The article further reports that firms may now be lowering starting salaries, reserve bonuses for merit-based rewards (rather than hours-based), and that being made a partner will also depend on personal and entrepreneurial skill.
To keep up with the latest in law firm salaries and news, be sure to check in with Vault's Law Salary Central and law blog, Void for Vagueness.
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