Pay Cuts at Firms Gaining Momentum
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. It became the fifth Pennsylvania firm in recent weeks to announce some form of pay cuts. 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.
