I think the best way is to use a script like this:
USE AdventureWorks
GO
-- Use some dynamic SQL just only not to re-write several times the name
-- of your db, or to insert this snippet into a loop for all your databases...
DECLARE @dbname varchar(50) = 'AdventureWorks';
DECLARE @logFileName varchar(50) = @dbname + '_log';
DECLARE @SQL nvarchar(max);
SET @SQL = REPLACE('ALTER DATABASE {dbname} SET RECOVERY FULL;', '{dbname}', @dbname);
EXECUTE(@SQL);
DECLARE @path nvarchar(255) = N'F:\BCK_DB\logBCK' + CONVERT(CHAR(8), GETDATE(), 112) + '_'
+ REPLACE(CONVERT(CHAR(8), GETDATE(), 108),':','') + '.trn';
BACKUP LOG @dbname TO DISK = @path WITH INIT, COMPRESSION;
DBCC SHRINKFILE(@logFileName);
-- determine here the new file size and growth rate:
SET @SQL = REPLACE('ALTER DATABASE {dbname} MODIFY FILE (NAME = ' + @logFileName + ', SIZE = 32000MB, FILEGROWTH = 10%);',
'{dbname}', @dbname);
EXECUTE(@SQL);
GO
http://www.snip2code.com/Snippet/12913/How-to-correctly-Shrink-Log-File-for-SQL