Holland & Knight Cuts Associate Pay an Average of 7 Percent
Holland & Knight is reducing associate pay by an average of 7 percent. Some individuals will see no pay cuts, but others will see cuts of as much as 10 percent, according to a statement from firm managing partner Steven Sonberg, who said the cuts are due to "changing market conditions." The base salaries of some senior counsel and other staff also will be reduced by an undisclosed amount. The firm plans to modify its overall associate compensation plan next year, with a formal announcement coming later this year.
