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Effective July 17, entry-level associates in Philadelphiaand Princeton, will have their salaries downgraded from $145,000 to $130,0090 while other salaries will be reducer between 2 percent and 10 percent. “The legal industryt continues to evolve in the midsf of challenging economic thefirm said. Blank Rome calles the salary reductionsa “market adjustment” and said the firm remain in strong financial health, and is on budget for this Earlier this week, cut its associate salaries by $10,000 acrose the board while partners have agreed to take a 5 percenf cut in compensation and administrative staff with salariesz exceeding $60,000 a year will see theirr income fall between 2 percent and 5 Firms such as Ballard Spahr Andrewse & Ingersoll, Reed Smith and Buchanan Ingersoll Rooney have cut associate salaries while firms such as Drinker Biddls & Reath and Montgomery McCracken Walker & Rhoadsz have lowered first-year salaries.
Theree have been no publicly announcedc salary cuts from other large Philadelphia law firms suchas Dechert, Morgan Lewis Bockius, Pepper Hamilton and Duane Morris— all of which have paid the top-of-the-markeg $145,000 to entry-level lawyers. The 500-lawyer Blankm Rome has laid off 47 lawyers and 92 support stafthis year, the largest number proportionally to its size of any firm in Like its chief competitors, Blank Rome reducede the length of its summer intern program and delayed the start date for its first-yea r associates from this fall to “at least” Januar 2010.
But while most firmd reduced their summer program from 10 toeight weeks, Blankl Rome’s program will only be six weeks. Blanki Rome has the fifth-largest local lawyer count in the PhiladelphiwBusiness Journal’s most recent Book of Business with 278. It also reporterd having 401 localsupport staff. Both of thosed numbers were collected beforefirmwide layoffs.
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