Akerman Cutting Associate Pay by 10 Percent, Say Sources

Akerman Senterfitt has announced it is cutting associate pay by 10 percent, according to sources familiar with the firm. The pay cuts were reportedly ordered in an effort to prevent job cuts, which may be the next course of action if the economy doesn't improve soon. The firm is also said to be shifting away from lockstep raises and plans to implement a merit-based compensation system. One source said bonuses may zero out the pay cut's impact for high-performing associates.