Ruden McClosky Cuts Pay by 9 Percent
Florida-based Ruden McClosky has imposed a 9 percent pay cut on its associates and non-equity partners and informed its equity partners that they are not likely to receive the holdbacks of 18 percent of their pay. The pay cuts have caused many Ruden McClosky attorneys to look for new jobs, legal industry sources said. Ruden's overdependence on real estate transactional work has caused it to be hit particularly hard by the economic downturn. The firm cut about 20 jobs earlier this year, including two attorneys.