Biglaw Firm Rolls Back Salary Cuts Earlier Than Anticipated
The firm is hopeful they'll be able to do make-whole payments in the next phase of recovery.
(Image via Getty)
More and more Biglaw firms are finding their footing after the upheaval caused by COVID-19. And that means the salary cuts that swept the industry in the spring are being reversed this autumn.
In April, Duane Morris surprised associates with a round of COVID-19 austerity measures that included salary cuts (the firm’s previous rhetoric about solid financial performance led some to believe Duane Morris would survive the pandemic unscathed). The firm, which made $510,341,000 in gross revenue last year making it 74th on the Am Law 100 list, cut associate and special counsel salaries by 15 percent effective May 1, and expected the cuts to last until the end of the year. But the firm has surprised associates yet again, this time with some good news.
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Effective September 1, the firm rolled back the salary cuts — a full four months earlier than originally anticipated. In the firm’s announcement, available in full on the next page, firm chair Matthew Taylor noted they were “grateful” for all the hard work employees were putting in that allowed the early rollbacks. Taylor also said the firm is hopeful for a “Phase 2” of rollbacks that would see attorneys receive make-whole payments.
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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