Biglaw

Am Law 50 Firm Completely Reverses Its Pay Cuts, Announces Some Bonus News

Exciting times at this firm.

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As we move closer and closer to the end of 2020, it seems that Biglaw firms are doing one or more of three things: 1) rolling back austerity measures instituted to survive the economic upheaval caused by the pandemic; 2) doling out COVID-19 appreciation bonuses (or refusing to do so); or 3) outsourcing or laying off their staffing roles to improve their operating efficiencies.

Today, we’ve received word that Bryan Cave Leighton Paisner has chosen the first option. After first assuring employees that the firm would be able to weather the storm without making associate or staff salary cuts, furloughs or layoffs, Bryan Cave proceeded to cut salaries for all employees making over $40,000 by 15 percent, conduct associate and staff layoffs, and even close an office. On the bright side, after laying out the bad news, BCLP decided to reduce its pay cuts to 7.5 percent, and now, the firm will be completely rolling back those compensation cuts. Here’s an excerpt from a memo that co-chairs Steve Baumer and Lisa Mayhew sent out yesterday:

Sources say that during the video conference, it was announced that they’d be “getting back a lot of the salary withheld” by the firm during the height of the pandemic. It’s also worth noting that Bryan Cave plans to fully fund its 2020 bonuses (and there’s of no mention of special fall bonuses, so we assume that’s completely off the table).

Congratulations to everyone at the firm. Let’s hope more firms are able to announce good news like this in the future.

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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