Just because it’s Friday doesn’t mean the Biglaw austerity measures have taken a break. After all, time is meaningless in a quarantine, so let’s just pile on with the COVID-19 cost-cutting measures, Friday (Zoom) happy hour be damned.
Anyway, the latest firm that’s looking to control their expenses as the coronavirus-inspired economic decline rages on is Mintz Levin. The firm — one that takes the 87th place in the latest Am Law 200 ranking — announced a series of reductions that all employees will face. Managing partner Robert Bodian said in the email (available in full on the next page) that the firm’s priority is to maintain the health of the firm and keep everyone employed, but “[e]veryone will make some sacrifices.” The specific cuts vary on the employee’s position:
Associates, Of Counsel, Special Counsel and Practice Group Associates:
10% base pay cut.
No discretionary bonus (which would have been paid in June).
On-Track Associate and Of Counsel hours bonus will be paid in full.
Health insurance premium co-shares will not change.
No layoffs or furloughs (beyond ordinary course) are currently anticipated.Patent Agents and Technical Specialists:
5% base pay cut.
No discretionary bonus (which would have been paid in June).
Health insurance premium co-shares will not change.
No layoffs or furloughs (beyond ordinary course) are currently anticipated.Professional Staff:
5% base pay cut, subject to not falling below a $75k floor.
Base pay freeze – i.e., no merit or other increases this spring.
Overall discretionary bonus pool will be reduced by 50%.
Health insurance premium co-shares will not change.
The 401(k) match will be made for March but thereafter suspended.
No layoffs or furloughs (beyond ordinary course) are currently anticipated.
AI Is Reshaping Legal Practice—But Tools Aren’t The Real Differentiator.
Explore the mindset, cultural shifts, and training strategies that define the AI‑savvy lawyer, revealing why human judgment, standardized competence, and integrated learning—not technology alone—will shape the future of the profession.
The partners are also shouldering their share of the financial burden. In a separate email (available in full on the next page), Bodian shared that among the steps taken to reduce costs is increasing the equity partner holdback to 40 percent, and reducing partner draws by 5-10 percent.
Hopefully these measures mean no other cuts will be needed at Mintz Levin.
If your firm or organization is slashing salaries, 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.
Learning After Law School
Once you’ve got your law degree, how do you keep your professional skills up to date? Share your perspective in this brief survey, and you may be eligible to win a $250 gift card.
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).