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Time’s been funny during the pandemic. It can seem like not much has changed since we first shuttered our doors and began working exclusively from home back in March. But judging by the fortunes of Biglaw firms, things are improving. Increasingly, we are seeing Biglaw firms that cut salaries in the opening days of the pandemic change course, and rollback those cuts.
That’s exactly what’s happening at Kilpatrick Townsend.
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Back in April, the firm cut partner draws by 10 percent. Associates and non-partner salaried employees saw a 5 percent pay cut. Secretaries moved to a 0.8 schedule but were not subject to the firmwide 5 percent salary reductions. But now it looks like the fears of a 15 percent revenue shortfall were overstated, and a rollback is in order.
Kilpatrick Townsend announced that associate salaries are being fully restored to pre-pandemic levels effective on September 1st, and reflected in the September 15th paycheck. Attorneys that had mandatory FTE reductions are being considered case by case, and secretaries will be returning to full time status.
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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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).