Biglaw

Am Law 100 Firm Rolls Back Its Salary Cuts, Offers Hope For Retroactive Pay

It's good news -- for now.

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Another day, another Biglaw firm that’s decided to roll back its coronavirus crisis austerity measures. Back in April, Mintz Levin — a firm that found itself in 87th place in the latest Am Law 100 ranking — announced compensation cuts ranging from 5 to 10 percent, depending on employees’ role within the firm, with partners shouldering a great deal of the firm’s financial burdens by holding back 40 percent of their distributions and reducing their draws by 5 to 10 percent.

Earlier this week, the firm announced via email (available in full on the following page) that it would be doing away with those cuts as of the October 23 payroll. Here are some additional remarks from Mintz Levin’s managing partner Robert Bodian:

The firm is doing well, and at the mid-year mark we are exceeding budget, and we were delighted to be able to make this change. There remains uncertainty, of course, in how events will impact the second half of our fiscal year, but we are hopeful that we will have sufficiently strong results at the end of the fiscal year to consider other adjustments, such as retroactive pay and discretionary bonuses (we already announced that the hours bonuses will be paid for fiscal 2021).

Congratulations to everyone at the firm on the good news. Let’s hope the folks at Mintz Levin see some retroactive pay by the end of 2020.

(Flip to the next page to read the Mintz memo in full.)

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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Staci ZaretskyStaci 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.

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