Schnader Harrison Segal & Lewis last week held what is becoming a common meeting at large law firms, to inform its associates, partners and staff that their salaries would be cut. Schnader Harrison became the sixth Pennsylvania firm in recent weeks to announce pay cuts in some form.
Though the firm said cash flow was not a main consideration in making the cuts, as more firms make these decisions, the issue of managing cash flow has come up as one of the factors that may have played a part in altering compensation models.
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