STOEL RIVES — STATEMENT RE: AUSTERITY ROLL-BACK
In March, when the pandemic forced businesses nationwide to change the way they operated, Stoel Rives and many other law firms moved to cut expenses to prepare for great economic uncertainty. However, the firm’s performance since then has been better than anticipated. While this is good news, the firm continues to operate cautiously, as the rest of 2020 remains unpredictable.
After evaluating the positive performance, and keeping in mind our need to remain prudent, Stoel Rives is pleased to implement a partial roll-back of salary and schedule reductions that began in May.
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Beginning September 1, the salary and schedule reductions will change as follows:
- The current compensation reduction for all associates, staff, and of counsel lawyers will change from 20% to 10%.
- Staff salaries and schedules will be modified as follows:
- Staff with a 20% reduction will change to 10%
- Staff with a 15% reduction will change to 7.5%
- Staff with a 10% reduction will change to 5%
- Staff with a 5% reduction will return to full salary and schedule
- Third quarter partner distributions will be reduced by 15% instead of the 20% reduction in Q2
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Staci 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.