DLA Piper is to cut pay by 11.5 per cent for most of its US partners amid gloomy predictions about the firm’s performance in 2009.
DLA Piper is to cut pay by 11.5 per cent for most of its US partners amid gloomy predictions about the firm’s performance in 2009.
US managing partner Terence O’Malley said he expected revenue to fall seven per cent and profits to drop by six per cent this year.
O’Malley said he expected most partners to see pay cut by 11.5 per cent, although leading billers would be rewarded with a pay rise. The reduction in payments will only affect the firm’s US operations.
DLA Piper’s US business saw revenues rise 3.8 per cent in 2008, hitting $1.17bn (£820m), while PEP grew 6.4 per cent, from $1.21m (£850,000) in 2007 up to $1.29m (£910,000) in 2008.
O’Malley added that the firm had ended 2009 with no debt and was hoping to remain debt free until the end to 2010.
Last month the firm cut 180 US employees, including 80 associates and 100 support staff in a bid to drive down costs (12 February).
