Orrick Herrington & Sutcliffe has announced a firmwide salary freeze for 2009 with associates, counsel and senior consultants at the firm set to receive the same salary in 2009 as in 2008.
In a statement released to the firm, chairman Ralph Baxter said the decision had been taken in response to market conditions.
He added: “Our decision is part of an overall effort we’re making as a firm to adapt to the radically changed business environment in which we will operate in 2009.
“As we all know the world economy is experiencing unprecedented volatility and uncertainty and it seems clear that these challenges will continue into the new year.”
Orrick is the second US firm to freeze salaries after Latham & Watkins did the same in late 2008, again blaming economic conditions.
Orrick’s year-end associate bonuses will remain at the 2008 level and will range from $25,000 (£17,170) for junior associates up to $50,000 (£34,330) for the most senior associates.