The good news from Biglaw continues. We are seeing more and more companies cutting wages in the early days of COVID-19 turn their backs on հատ restoring compensation levels to where they were before the epidemic. The latest company to do so is Squire Patton Boggs.
Back in May, Squire Patton Boggs announced a Salary reduction of 20 partners. The staff has seen a number of reductions, ranging from 10 to 20 percent, depending on salary. And partner distributions have been adjusted to take on the biggest financial burden.
With the entry into force in October, all partners’ pay cuts will end, and their compensation will return to pre-epidemic levels. For non-partner support staff, if their salaries were originally less than $ 75,000, their compensation will be refunded. for others, their pay cuts will be halved. The company noted that the cooperation will continue to bear the greatest financial burden to solve any further problems, և the distribution will be regulated accordingly.
Squire Patton Boggs is also considering discretionary bonuses for emergency performance during COVID-19. But it will not affect the current year-end bonus program.
The company’s President / Global CEO Mark Ruelman made the following statement regarding the feedback:
“Thanks to the hard work of our lawyers, the hard work of the global staff, and the overall sacrifice, the effects of the global epidemic on our business are less severe than we reasonably expected.” Although the demand for our services remains strong, we realize that there is a lot of uncertainty in the coming months. We will thoroughly follow the circumstances to continue to act in the interests of our clients և firm. ”
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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