KELLEY DRYE — MEMO RE: ELIMINATION OF SALARY CUTS
Dear Kelley Drye,
The COVID-19 pandemic shaped 2020 in ways that no one could have imagined. Through it all, you have worked diligently and efficiently, providing our clients with the quality legal services they have come to expect from Kelley Drye. I am grateful for all of your hard work and for the sacrifices that you have made while also dealing with your own personal issues.
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In the early days of the pandemic, we navigated the economic uncertainties with careful planning and implemented various cost-cutting measures designed to ensure the continued economic vitality of our Firm. We asked everyone to share in the sacrifices, and to contribute in some way to get through unsettling and uncertain times. After an initial slowdown in demand for our services, we saw in the late summer a rebound in our level of work, which accelerated in the fall. Client demand has exceeded our projections back in May when we reduced partner compensation as well as lawyer and staff salaries. As we approach year end, we are optimistic that the Firm will conclude the year in better shape than anticipated, and that, against the odds, we will finish well.
We are now in a position to restore salaries to pre-COVID levels and will eliminate the remaining COVID salary reductions effective January 1, 2021, for stipulated payment partners, special counsel and associates, and impacted administrative staff. Salary withheld from May 1 through December 31, 2020 will be repaid in a lump sum on December 31. Equity partner draws will return to pre-COVID levels beginning in January. This decision reflects our optimism for the continued financial health of Kelley Drye as well as our sincere gratitude to everyone who worked so hard to make this possible.
Thank you again for adapting to unforeseen circumstances, for placing client needs at the forefront, and for being part of the caring Kelley Drye community. I wish you and your families a happy holiday season, and I await the day when we can truly put this pandemic behind us and get back to our offices. Let’s look forward together to 2021 and the return of better times for all.
Be Well,
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JAMES CARR
Chair, Executive Committee
Kelley Drye & Warren LLP
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