More and more Biglaw companies are finding their way into the aftermath of the COVID-19 quake. And that means wage cuts covering the industry in the spring are coming back this fall.
In April, Duane Morris surprised its partners with a whole round of COVID-19 austerity measures this included pay cuts (the firm’s previous rhetoric about sound financial performance led some to believe that Duan Morris would survive the epidemic). The company, which had a gross revenue of $ 510,341,000 last year, ranking 74th on the Am Law 100 list, cut the salaries of its special advisers by 15 percent from May 1, and expected the cuts to last until the end of the year. But the company surprised its partners again, this time with some good news.
Starting from September 1, the company has taken back the salary reductions. Four months ahead of schedule. In the company announcement The full page is available on the next page, solid chair Matthew Taylor They mentioned that they are “grateful” for all the hard work that the employees put in, which allowed the early turns. Taylor also said that the company hopes to return for “Phase 2”, which will be able to pay the lawyers in full.
If your company or organization is cutting salaries or restoring previous reductions, closing its doors, or reducing the number of its attorneys or staff, be it open cuts, secret cuts, or voluntary cuts, please do not hesitate to let us know. Our vast network of newsletters is part of what makes Law Above flourish. You can by email to us or write to us (646-820-8477).
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