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We saw a post on Above the Law Friday that said Los Angeles' Allen Matkins had made another cut to associate salaries. Oh, and some layoffs.
ATL recaps the rough year the 200-something-lawyer firm has had, but was stonewalled by management when it called for confirmation.
Mike Palmer, the firm's executive director called Legal Pad back late Friday and confirmed that Allen Matkins has cut the salaries of a number of associates at all levels in slow practice areas, primarily real estate and corporate. Some of them had already had their pay reduced in March, but Palmer said it was the first cut for most.
Palmer confirmed the reductions ran between 15 and 30 percent of pay and would be effective Nov. 1.
Palmer said he hopes the cuts are temporary, depending on the economy and work flow. "We view it as deferred compensation," he said.
Allen Matkins also let go "fewer than 10" associates in its biggest offices, Palmer said. One associate was laid off from San Francisco, he said.
The firm had its first round of salary cuts and layoffs in March, though in May recruiting partner John Gamble was talking to us about hiring in certain areas.
This article originally appeared on Legal Pad, the blog for The Recorder's Web site, Cal Law.
