Partner Pay Starts To Drop At US Firms

Looks as though we will be seeing more and more of this as the weeks go by…

The Washington Business Journal reported Monday…

DLA Piper to cut partner pay by 11.5%

The news comes about a week after law firm Dewey & LeBoeuf said it lowered the pay of 66 partners, or 20 percent of its partner pool, over the past 15 months.

DLA hopes to finish 2009 with no debt like it did last year, according to the Recorder’s interview with J. Terence O’Malley, DLA’s U.S. managing partner.

The decision to cut compensation is a result of anticipated revenue declines and not a reflection of 2008 results, according to O’Malley, who said in the interview the firm is predicting a 7 percent revenue drop and a profit decrease of 6 percent.