A Bird in the Hand?
As a result of the recession, a number of national firms have frozen salaries into 2009. Although it’s not terribly hard to understand why a firm would do that, I have heard one law firm suggest that freezing salaries would allow a firm to be in better position to offer bonuses at year end in 2009. Which I suppose begs the question or whether (as an associate) you’d rather get, say, $15K more in salary over the course of 2009 or have a better chance at getting a bonus, which could (in a market like New York) be significantly more than that amount.
Many of us are quite risk averse, so I’m not sure that a more concrete bonus a year from now softens the blow. Bonuses are usually quite discretionary, so it seems hard to drill down on what the exact benefit is in this situation. Having said that, maybe it’s wise to make sure to hold enough in reserve to reward those associates who go the extra mile in 2009. If you had to pick, which would you give up?
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