Big Chicago Law Firm to Young Lawyers : Take $100,000 Pay Cut

The Chicago Tribune reports:

What do you call a young lawyer working for a premier Chicago law firm who is suddenly asked to take at least a $100,000 pay cut while being shuffled out of the office?

The word “lucky” might not come to mind.

But for the associates, it’s an alternative to joining the ranks of the unemployed.

Mayer Brown is paying some of its associates to work in-house at corporate clients such as United Airlines parent UAL Corp. and Kraft Foods Inc. But there is a catch: The associates’ pay is reduced to $60,000 plus benefits, from $160,000 and more, and the jobs last one year with no guarantee of further employment.

“These are young lawyers, and they are not going to find another $160,000 job out there,” said Art Gunther, a Chicago legal recruiter who places associates at firms. “It’s a creative idea.”

It's good to know the federal government is subsidizing lawyers to go to law school to face this.