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Some Firms Cutting Bonuses to Cover Cost of Rising Salaries
Following the stampede of larger California firms to hike associate salaries to the New York level, other firms continue to join the herd. Wilson Sonsini, Fenwick & West, Heller Ehrman and Irell & Manella are among the latest to raise starting pay in California to $160,000. But some firms that have matched have done so partly with money already set aside for their associates. MoFo, Heller and, according to a leaked memo, Wilson Sonsini have eliminated or reduced some associate bonuses.Good Times Roll for L.A. Firms
Latham & Watkins hauled in $1.4 billion in revenue in '05, while Gibson, Dunn & Crutcher shouldered its way into an exclusive New York club.Some Firms Cutting Bonuses to Cover Cost of Rising Salaries
Following the stampede of larger California firms to hike associate salaries to the New York level, other firms continue to join the herd. Wilson Sonsini, Fenwick & West, Heller Ehrman and Irell & Manella are among the latest to raise starting pay in California to $160,000. But some firms that have matched have done so partly with money already set aside for their associates. MoFo, Heller and, according to a leaked memo, Wilson Sonsini have eliminated or reduced some associate bonuses.From Latham & Watkins to Wolf Block
Letters L through W in the firm-by-firm summary of the responses to The American Lawyer's 2003 Associate Survey.It's not often that we see a securities class action defendant win a judgment on the pleadings, and then appeal. But that's what General Reinsurance did in a class action brought by AIG shareholders. And while Gen Re won its appeal, a footnote in the court's ruling might signal trouble for other corporate defendants.
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