Biglaw

Biglaw Firm Restores All Partner Pay After 5 Months Of COVID Cuts

They carried the pandemic's burdens without cutting anyone else's pay.

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Another day, another Biglaw firm that’s reversing its COVID-19 austerity measures.

This time, the good news is coming from Taft Law (formerly known as Taft Stettinius & Hollister). If you recall, back in April, the firm decided to reduce partner draws by 25 percent, leaving compensation for staff, associates, and of counsel attorneys intact. At the same time, the firm laid off 1.4 percent of its attorneys and 3.5 percent of its staff. We’ve been told that the firm’s partners received a treat for Halloween instead of a trick, because all of their pay was restored in full in October.

Here’s a statement that we received from the firm:

As a result of Taft’s performance, the firm reinstated 100% of its partner pay and made a one-time lump-sum repayment to all partners of the 25% partner pay reduction amounts which were previously announced. The reduced pay program remained in effect from April through August, a period of only five months, and then all previously reduced partner pay amounts were distributed to partners in October.

The partners must be thrilled after shouldering this financial burden. Congrats to all.

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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