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One by one, states are reopening and getting back to business, with law firms trying to figure out how to return to their offices amid the ongoing coronavirus pandemic. Things are kind of getting back to “normal,” but if you thought that Biglaw firms were out of the woods when it comes to austerity measures, then you better think again.
Back in April, Fried Frank’s chairman, David Greenwald, said the firm had “no plans for layoffs or pay reductions in the immediate future.” It’s now mid-June, and Fried Frank, which came in at No. 56 in the most recent Am Law 100 rankings with $776,000,000 in gross revenue, is holding true to that promise — for the most part.
As opposed to layoffs, furloughs, or pay cuts, Fried Frank is offering a voluntary buyout program to all eligible nonlawyers at the firm. Those who take a buyout will receive one week of salary for every year they have worked for the law firm, plus a lump sum. Law360 (sub. req.) has the details:
The offer will be open to employees below the assistant director level that the firm characterizes as business services professionals, such as legal executive assistants and those working in information technology, marketing, recruiting and human resources units, according to Fried Frank.
The payouts will be capped at 24 weeks, to be paid as part of the regular payroll cycle, said firm spokesperson Alejandra Ramirez. Eligible employees will also receive a lump sum payment of $1,000 for every year they have worked with Fried Frank, along with a full year of medical benefits through the Consolidated Omnibus Budget Reconciliation Act, or COBRA, she said.
We wish all of the legal professionals at Fried Frank who accept and are approved for the buyout the best of luck should they seek new jobs in the legal industry.
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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Fried Frank Offers To Buy Out Nonlawyers Amid Pandemic [Law360 (sub. req.)]
Staci 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.