You ever feel like you’re trapped in a dystopian version of Groundhog’s Day? Every day — hell, even the weekends — has blurred together in a kind of awful sameness. Only the smallest details change which is how you know time is, in fact, passing, no matter how slow it seems.
Your friendly Above the Law editor feels that as well. Every day we report on more Biglaw firms that find it necessary to cut something — layoffs, furloughs, and associate salary cuts — and it’s what passes for Biglaw normal these days. Only the names of the firms seem to change, which is how you know just how massive COVID-19 austerity measures have been in the industry.
Anyway, the latest firm to announce salary cuts is Hinshaw & Culbertson. The firm notched $208,549,000 in 2018 gross revenue which makes them 140 on the Am Law 200. Hinshaw has decided to cut salaries by 15 percent across the firm, for all employees making more than $55,000. This measure is to begin on April 30, 2020, and is to continue through August, subject to “constant review.” They’ve also halted retirement savings plan matching. Plus mid-year reviews and salary adjustments, which include promotions of senior associates to partner, have been delayed, likely until January 2021.
You can read the firmwide email announcing the cuts on the next page.
We reached out to the firm for comment, but have yet to hear back.
If your firm or organization is slashing salaries, 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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Kathryn 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).