A second Am Law 200 firm is cutting associate salaries to adjust to the recession. Earlier this week Cleveland’s Thompson Hine told its associates and other non-partner lawyers that it will impose an across-the-board $17,500 base salary reduction. Those lawyers will, however, be able to earn back some or all of that sum as a bonus if they bill at least 1,750 hours this year. Last week, Philadelphia’s Wolf Block confirmed that it sliced associate pay by 10 percent. (News about both firms’ salary cuts first appeared on the blog Above the Law.)
The AmLaw Daily talked to David Hooker, the managing partner of Thompson Hine, about this decision. “It was not an easy step for us,” he says. “We recognize we’re stepping out of a lockstep system that most firms have followed.”
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