Kilpatrick Slashes Associate Salaries

AM Law Daily reports that the law firm of Kilpatrick Stockton acknowledged it is cutting associate salaries by 10 percent across all of its offices. Associates in Atlanta and North Carolina, meanwhile, will see their pay drop to $130,000, while those in New York and Washington, D.C. will take a cut from $160,000 to $145,000, the story says. The firm, which has 200 associates and saw a 7.4 percent jump in profit per partner in 2008, will give associates the chance to earn back the lost salary in bonuses that will be contingent on hitting billable-hour targets. The salary cuts go into effect July 1 and are expected to save the firm about $1.75 million by the end of the year, the Daily Report says.