Reduced Compensation, Layoffs, Deferred Start Dates

More problems for young lawyers: deferred start dates, layoffs, reduction in income, etc. The employment situation for new associates continues to get worse.  Below is an article written by Brian Baxter identifying the problem at one large firm:

"Changes at Squire Sanders: Deferrals, Layoffs, New Management


Deferred associates, possible layoffs, a shuffle in upper management: things are happening at Squire, Sanders & Dempsey.

According to a memo the firm sent to Above the Law, Squire Sanders is indefinitely deferring half of its incoming 2009 associate class and planning to let go of an additional 20 to 25 "timekeepers" firmwide.

Squire Sanders already had deferred incoming associates until January 2010. Should the firm carry through with its plan to reduce head count, it would be the fourth round of cutbacks in the past year.
The firm cut 32 lawyers in May and slashed first-year associate pay by 10 percent. In January, nine support staff employees were let go in the firm's Miami office. That came on the heels of a cull of 30 associates and paralegals in November 2008."


Warmest Regards,

Bob Schaller


Your Bankruptcy Advisor Blog
By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm

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