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‘Medieval’ U.S. law firm pay structure buckles

U.S. law firms, including Orrick, Herrington & Sutcliffe; Shearman & Sterling; and WolfBlock, are abandoning tradition as they cut costs in the deepening recession by imposing merit pay, slashing salaries and generally putting an end to decades of associate entitlement. The firms are responding to the plunge in corporate, real estate and finance work by overhauling ...