McDermott Will & Emery to cut associate salaries
McDermott Will & Emery is moving to a three tiered merit based compensation system, beginning in 2011.
Associates on the bottom tier will have a base salary of $145k. Associates who started last year will see a reduction from $160,000 to $145,000 on April 1. Bonuses will be based on market conditions, the success of the firm, and merit. If the market scale for bonuses is like 2009, McDermott associates will need the bonus just to catch up to the base salaries their contemporaries are earning.
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