Biglaw Firm Gives Great News Before The Holiday Weekend -- All Salary Cuts Are Over
And the firm is considering make-whole payments before the end of the year.
Labor Day is the official end of summer, so it makes sense that the summer of COVID-19 austerity measures is over right before the holiday. Tipsters at Troutman Pepper — the newly merged entity that combined Troutman Sanders and Pepper Hamilton — tell Above the Law that salary cuts are officially done at the firm.
Right before Memorial Day Troutman Sanders took a carving knife to salaries — 20 percent pay cuts for associates, 25 percent cuts for income partners, and equity partners took at 30 percent hit. (Pepper Hamilton announced similar cuts, the merger wasn’t official until July 1.) And even though associates at the firms understood the cuts would go on through the end of 2020, the firm announced today that, effective September 1, the cuts were done.
And as added good news, the firm noted in the announcement that it is their “goal to repay all amounts previously withheld before the end of the year, depending of course on the financial performance of the Firm.” Hopefully the firm will be able to follow through on these make-whole payments.
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Read the firm’s entire email below:
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).
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