Am Law 100 Firm Is Conducting Layoffs And Still Rolling Back Pay Cuts
Great economic recovery, but not enough to keep everyone employed.
It’s a mixed bag of good and bad news at Venable, and your perspective on the moves likely depends on whether you have a J.D. The Am Law 100 firm announced that due to their “prudent” financial moves — in April, the firm announced pay cuts across the board and furloughs for some staff members — they are rolling back those pay cuts. Good news! But though some furloughed staffers are returning to work, others, along with “other professional staff,” are being laid off. Bad news.
A spokesperson for the firm provided the following statement:
Venable continues to perform well during these challenging times. The firm is taking actions that will contribute to long-term success while maintaining a prudent approach to financial management in light of ongoing uncertainty related to COVID-19.
To reflect the firm’s performance and financial position, Venable announced it is increasing the compensation of salaried attorneys and staff from previously reduced levels. We are also aligning our staffing to meet our current and future needs. This includes returning some furloughed employees to work while separating with others who have been previously furloughed and some other professional staff.
Best of luck to those who find themselves out of work.
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).
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?
The Global Legal News You Need, When You Need It
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
Legal Knowledge Management To Drive Dealmaking
Stuck Drafting A Tough Brief? This Tool Can Help.
