Business Services Industry
Jones Day trims some raises. (Jones Day Reavis & Pogue cut down salary increases of associates)
Crain's Cleveland Business, November, 1991 by Thompson, Chris
Responding to client demands to keep down legal costs, Jones Day Reavis & Pogue is reducing the salary increases of second-year associates to the point where they likely will be paid less this year than their first-year counterparts and less than they earned the year before. The Cleveland-based national law firm has increased salaries of second-year associates only $4,000 to $68,000.
Meanwhile, incoming associates will be paid $64,000, the same as last year, but they also receive a $4,000 incentive stipend before they join the firm and a $6,000 loan from the firm that is forgiven over two years. Administrative partner Robert H. Rawson Jr. said the extra $10,000 is an incentive package to get lawyers to join the firm, and isn't part of their salary. Mr. Rawson...
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