Biglaw

Biglaw Firm That Cut Associate Compensation By Up To 50 Percent To Reinstate Full Salaries

Great news for everyone at the firm.

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It’s officially Biglaw bonus season (even though only one firm has announced 2020 bonuses thus far), so why not give employees the added bonus of eliminating COVID-19 austerity measures and reinstating all salaries in full?

That’s what’s happening at Schiff Hardin, a firm that brought in $186,437,000 gross revenue in 2019, ranking 158th on the Am Law 200. If you recall, back in April, the firm instituted some of the largest associate pay cuts we’d heard about during the coronavirus crisis. While the majority of attorneys saw a 15 percent compensation cut, certain practice areas took an astonishing 50 percent hit. Staff making $100,000+ were also subject to up to a 15 percent cut, and the firm also laid off some staff members.

After months of suffering, all of this bad news is finally coming to and end.

A spokesperson for Schiff Hardin provided the below statement, which details all of the steps the firm took to make associates and staff whole:

Like other firms, Schiff Hardin has been carefully managing its business in response to the economic impact of the pandemic. Beginning in April we reduced some attorney and staff salaries. Despite the challenges 2020 has presented, the firm has performed well. We restored everyone’s salaries for the second quarter in August and for the third quarter in October. We are pleased that we will also restore salaries for the fourth quarter at the end of December, so that our attorneys and staff receive their full salaries for the entire year.

Congratulations to Schiff Hardin for its excellent performance. With their salaries restored, the firm’s employees are sure to have an extra happy holiday season.

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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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