Biglaw

Billion-Dollar Biglaw Firm To Make True-Up Payments For Cut Salary

A nice way to end the year.

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(Image via Getty)

Good news from Squire Patton Boggs!

Despite $1,035,000,000 in gross revenue last year, the firm instituted COVID-19 austerity measures. Back in May, Squire Patton Boggs announced a 20 percent salary cut for all associates, as well as staff cuts, between 10 and 20 percent, depending on salary, and partner distributions were adjusted to shoulder the largest financial burden. But beginning in October, the salary cuts ended, an excellent sign that the worst impacts of the pandemic were over.

Now there’s even more good news. The firm has announced that they’re making true-up payments for all associates, giving them back the salary they missed out on from May through September. In the firm’s U.S. offices, associates will see the payment in the next December payroll (U.K. offices will look at their performance at the end of April, which is the end of its fiscal year).

Chairman/Global CEO Mark Ruehlmann had this to say about the payments:

“Throughout the COVID-19 pandemic, our associates have performed admirably under challenging circumstances to provide excellent services to our clients. Thanks to their hard work and shared sacrifices, the impacts of the global pandemic on our business have been less significant than we anticipated with demand remaining strong.”

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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headshotKathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).

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