Townsend and Townsend and Crew has announced it will reduce the pay scale for attorneys in 2010, which includes cutting first-year associate salaries from $160,000 to $145,000. The 200-lawyer firm also said that it would ditch lockstep compensation altogether in 2011 and move to merit-based pay, a system popularized by national intellectual property firm Howrey. Townsend is exclusively an IP firm. The latest move shows that the once-abundant supply of patent litigation is drying up in the recession.
Townsend to Cut Pay, Go Off Lockstep
September 29, 2009