Biglaw

Am Law 100 Firm Announces True-Up Cash Will Be Deposited On Christmas Eve

Ho, ho, ho! Merry Christmas, associates!

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on

It’s now mid-December, and another Biglaw firm has decided to reward its employees cold, hard cash this holiday season. Not bonuses, mind you, but the salaries they went without thanks to the firm’s COVID-19 austerity measures.

You may recall that back in April, Seyfarth — a firm that posted $717,370,000 gross revenue in 2019, earning it the 60th place on the latest Am Law 100 ranking — rolled out firmwide cost-cutting measures effective May 1, ranging from salary cuts to furloughs of attorneys and staff. Equity partners reduced their monthly draws by 20 percent, all U.S. lawyers had their pay reduced by 10 percent, and staff salaries were cut up to 10 percent based on earnings. The firm also furloughed 10 percent of its U.S. employees, and at the time, sources told us that 180 staff and 50 attorneys were taken out of play.

In September, the firm announced a mix of bad news and good news, specifically, that effective October 1, some of those who had been furloughed — including attorneys — would be laid off, but that all salary cuts would be reversed and everyone’s pay would be restored to their regular compensation levels.

Now, the firm has announced some very happy news for all employees: Seyfarth will be making retroactive salary adjustments for everyone whose salary was reduced in May, and that those payments would be made on December 24, Christmas Eve. Those big fat deposits should make for a very merry holiday indeed.

Here’s a holly-jolly statement from Pete Miller, Chair and Managing Partner of Seyfarth Shaw, who will be figuratively sliding down chimneys to reward employees:

Based on our continued strong performance, we will be making retroactive salary adjustments to all employees whose salary was reduced. Without the commitment and teamwork of our people, the firm’s ongoing success would not be possible.

Congratulations to everyone at Seyfarth on this fantastic news!

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If your firm or organization is slashing salaries or restoring previous cuts, 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).

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Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

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