The freeze in salaries at one Virginia law firm will mean cuts in starting pay for new associates in the fall. McGuireWoods confirms that it will cut first-year pay by 10 percent this year to ensure a pay gap between the new hires and last year’s new associates.
A source close to firm management indicates the number of hires will remain about the same, around 47.
There are variations in new associate pay at the four Virginia McGuireWoods offices. With the salary cuts, the newly-minted lawyers will make $144,000 in Northern Virginia, $130,500 in Richmond and Norfolk, and $117,000 in Charlottesville.
To date, the firm has not had to lay off any attorneys, the source reports.
By Peter Vieth