Big Firms in Texas Freezing Salaries

You may have heard by now that several large Texas-based law firms have frozen 2009 salaries at 2008 levels. Fulbright and Jaworski and Haynes and Boone are the first of the big Texas firms to freeze associate salaries but they are in good company. Firms nation-wide have instituted salary freezes in the past several months, including Godwin Procter, Alston & Bird, Perkins Coie, Shulte Roth and Zabel, Latham and Watkins, Orrick, Dickstein Shapiro, Sheppard Mullin, Venable, Bryan Cave, Arnold and Porter and Steptoe and Johnson. Firms that have instituted salary freezes that have offices located in Texas but are based elsewhere include Morgan Lewis, Hogan and Hartson, DLA, Squire Sanders, Sonnenschein, Sutherland, McDermott Will and Emery and Sidley Austin. Fulbright has frozen salaries through the first quarter of 2009, unlike most firms which have instituted an indefinite freeze.

Big Firms in Texas Freezing Salaries

You may have heard by now that several large Texas-based law firms have frozen 2009 salaries at 2008 levels. Fulbright and Jaworski and Haynes and Boone are the first of the big Texas firms to freeze associate salaries but they are in good company. Firms nation-wide have instituted salary freezes in the past several months, including Godwin Procter, Alston & Bird, Perkins Coie, Shulte Roth and Zabel, Latham and Watkins, Orrick, Dickstein Shapiro, Sheppard Mullin, Venable, Bryan Cave, Arnold and Porter and Steptoe and Johnson. Firms that have instituted salary freezes that have offices located in Texas but are based elsewhere include Morgan Lewis, Hogan and Hartson, DLA, Squire Sanders, Sonnenschein, Sutherland, McDermott Will and Emery and Sidley Austin. Fulbright has frozen salaries through the first quarter of 2009, unlike most firms which have instituted an indefinite freeze.

2008 Associate Bonuses Strong

These days everyone is tightening their belts- whether we need to or have the perception that we need to. In the current economic downturn, with firms and corporations cutting staff, companies filing bankruptcy, law firms dissolving and new job opportunities few and far between, it gets difficult to see the silver lining. But lawyers at large law firms throughout the state have something to smile about.

Bonus reports are in and associate bonuses for 2008 in Texas were strong, nearing levels of bonuses given in 2007. That is welcome news for many who were holding their breaths, hoping not to be the victims of the next round of layoffs. There is much to celebrate. Many firms here in Texas were not greatly affected by the economic downturn because of the types of cases and deals the firms take on and the types of clients they have. As a result, firm profits were strong and the partners graciously shared the wealth. Interestingly, the firms that saw drops in associate bonuses tend to be the New York based law firms, the same firms that historically gave bonuses and have base salaries well above the Texas market. No one knows what 2009 has in store, but let’s hope that it follows the trend of 2008.

Resume Resolution

It’s a new year and that means new resolutions, so add one more to your list: a new resume. In fact, make that many resumes. With the recent economic downturn employers are becoming more and more focused on finding the perfect candidate, not just any candidate. Employers are looking for someone who has the perfect background for the job at hand, not just a good enough background.

With this in mind, create a resume that illustrates why you’re the perfect fit. Create a unique resume tailored for the job you’re trying to secure, not a generic resume for any and all jobs available. For more information on creating a great resume, visit the Candidate Resources Center on WarrenRecruiting.com.