November 4, 2020

Restoration of Compensation Levels

I would like to thank you for the agility and resilience that you continue to display. This challenging time continues to bring out the best at every level of our Baker Botts team.

As you recall, the compensation adjustments for non-partner timekeepers that we announced in April were reduced by 50% as of September 1, and we anticipated these rollbacks would continue through the remainder of the year.

I am pleased to inform you that the Firm is rolling back all compensation adjustments for non-partner timekeepers, effective November 1 and continuing into 2021.

Despite the challenges we have encountered during the pandemic and through the hard work of each of you, we have exceeded our originally anticipated financial performance expectations. We also remain committed to attracting, developing, and retaining the highest quality talent and demonstrating our appreciation for your contributions.

As mentioned in prior announcements, we will also be awarding interim bonuses to non-partner timekeepers who have made exceptional contributions over the past months. Bonus eligibility will be determined based on a number of factors, including utilization and exemplary client service, for the August 1 – October 31 period, as recorded in adherence with the Firm’s time entry policy and deadlines.  To be eligible for this interim bonus, which will be paid before year-end, timekeepers must be in good standing and actively employed at the Firm on the date of payment.

We are in this together and will continue to work collaboratively for our clients, while protecting the long-term health of the Firm, rewarding our tremendous talent, and maintaining our prudent financial management.

On behalf of the Executive Committee and the partners, thank you for your efforts and hard work. I am grateful for all you do to make Baker Botts an extraordinary law firm, and I look forward to communicating with you again soon.

John