K&L Gates associates have not heard about their 2008 bonus or their 2009 raises yet. Bonus news is historically late at the firm, and raise news should come in March.
In the meantime, associates got an unexpected bonus along with their second paycheck of the year. This is an excerpt from the e-mail associates received yesterday:
Please see the email below regarding an error with the direct deposit of the January 22nd payroll. In short the issue is that your payroll appears to have been deposited 3 times and the firm is in the process of request [sic] 2 of those be returned. So, please be careful not to spend more then your normal pay until you see that they [sic] corrections have been made to your account.
On the downside, K&L uses an inept payroll company. On the upside, the firm’s cash flow must be nice and healthy if it can afford to triple pay all of its associates. Indeed, as we reported yesterday, profits per partner at K&L are up.
The associate who sent the e-mail along to us is a brave one:
they said they’d take it out by early next week. i think i could head up to atlantic city. triple it. then put it back in my account by next monday.
Sounds like a plan to us. Not a good plan, but a plan. Full e-mail from the director of payroll after the jump.
K&L GATES FIRM-WIDE MEMORANDUM
I wanted to alert everyone to a payroll issue that occurred this pay. Please feel free to use this email to communicate the situation to your employees. Equity partners are NOT affected by this.
As a result of a payroll reprocess, our payroll company did not delete the bank transaction files associated with the reprocess. As a result, employees may see 5 transactions in their accounts associated with this pay. At most, they may see three entries adding money to their account and two entries removing the money from their account. The net effect will be a deposit to their account in the amount of their second paycheck of the month.
Please be aware that the timing of the transactions may not be in sync with the payroll date. This means that the removal of the money from accounts may not occur until Friday or early next week. As a result, please caution employees to only use the funds to which they are entitled as a result of their pay. We will be notified if our bank cannot recover the full amount of funds erroneously deposited into employees’ accounts.
I apologize for the inconvenience.
Firmwide Director of Payroll
Henry W. Oliver Building
535 Smithfield Street
Pittsburgh, PA 15222-2312