Biglaw

Biglaw Firm Does Away With Its Coronavirus Crisis Compensation Cuts

Hooray!

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Another day, another Biglaw firm that’s decided to do away with its COVID-19 austerity measures. This time, a firm that earlier admitted that it perhaps overreacted to the coronavirus crisis is making a move. Which one could it be?

It’s Loeb & Loeb. Back in April, the firm announced some salary cuts as a way to avoid layoffs. Partners took the hardest hit, with draws slashed by 20 percent. Income partners, senior counsel, of counsel, associates, and senior staff had their salaries cut by 15 percent and paralegals and other staff saw 10 percent cuts. Then, effective September 1, the firm partially rolled back those compensation cuts by 60 percent for income partners, senior counsel, of counsel, associates, paralegals, and staff, while the reductions for monthly capital partner draws remained in place. Now, all of that is changing.

As reported by Bloomberg Law, the firm will be completely eliminating its salary cuts. Chair Kenneth Florin announced via email that Loeb & Loeb “continues to outperform our initial financial projections for the pandemic,” so all compensation cuts will be eliminated and partner draws restored, retroactive to October 1.

Congratulations to everyone at the firm on the exciting news.

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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