Sonnenschein cuts staff and drops lockstep pay for associates
Sonnenschein Nath & Rosenthal laid off an undisclosed number of non-lawyer staff members last Friday.
The US law firm also plans to abandon lockstep pay. Associates will be divided into three categories: associate, managing associate and senior managing associate. Salaries will no longer be based primarily on tenure, but on competency. Bonuses also will be more merit-based and not exlusively tied to billable hours.
More US firms are expected to introduce similar associate compensation plans.
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