Biglaw Firm Reverses Pay Cut For Associates, Partners Not So Lucky
It's good news (for associates, at least).
Another Biglaw firm has reversed at least some of their COVID-19 austerity measures. Back in April, Am Law 100 firm Crowell & Moring announced a series of pay cuts designed to avoid layoffs. And almost everyone at the firm was impacted: equity partners took a 25 percent compensation cut, income partners saw their paycheck cut by 20 percent, associates and counsel got a 15 percent cut, and staff making $100,000+, which the firm estimates is about a third of staff members, took cuts in the range of 5 to 20 percent.
But now the firm is walking back the cuts — at least for associates, counsel, and staff. As reported by Bloomberg Law:
“Based upon our performance, which has been better than anticipated, we have decided to resume pre-pandemic compensation levels for our associates, counsel and staff effective September 1,” firm chair Philip Inglima told Bloomberg Law via email.
But yes, the cuts for the partnership — both equity and income partners — are still in effect. As Inglima said, “We will continue to be fiscally conservative in the months ahead to ensure that our firm remains in the strongest position possible.”
If your firm or organization is making salary moves — whether slashing or restoring compensation, closing its doors, or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).
If you’d like to sign up for ATL’s Layoff Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the layoff alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each layoff, salary cut, or furlough announcement that we publish.
Sponsored
What Do Millennials Think Of Law Firm Life?
Legal Knowledge Management To Drive Dealmaking
What Do Millennials Think Of Law Firm Life?
Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
Sponsored
The Global Legal News You Need, When You Need It
Stuck Drafting A Tough Brief? This Tool Can Help.
