Biglaw Firm Announces Full Retroactive Salary Restorations For All, Plus Some Bonus News
This is fantastic news.
As 2020 draws to a close and holiday season quickly approaches, more and more Biglaw firms are announcing good news (or as good of news as can be expected considering they’re still doing business amid the never-ending coronavirus crisis).
Today, we have news from Stoel Rives, a firm that came in 132nd place in the most recent Am Law 200 rankings, with $236,541,000 in gross revenue in 2019. Back in October, the firm announced that it would be eliminating all of its pandemic-related austerity measures and prospectively restoring base pay for all attorneys and staff members. Earlier this week, Melissa Jones, the managing partner of Stoel Rives, sent a memo to all employees at the firm detailing plans to retroactively restore base compensation for attorneys. On top of that, Jones announced some bonus news:
[T]he [Executive Committee] confirmed that we will leave in place the bonus pools for all staff (including paralegals), associates, of counsel and staff attorneys as reflected in our 2020 budget.
The Practice Management Committee is meeting soon to allocate the bonus pool for associates, of counsel, and staff attorneys. We anticipate that bonus decisions will be communicated in early/mid-December, and that bonuses will be paid no later than Friday, December 18.
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Associates are thriled by the news, and one source gushed, “Everyone is so happy under Melissa Jones’s leadership!” Payments to restore base compensation will be made by the end of November. Congratulations to everyone at the firm. Now that bonus season has officially started, we hope you get some good news soon.
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 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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