Biglaw salaries are very much in flux in 2020. After COVID-19 tanked the economy, lots of firms played it cautious and slashed salaries. Now that things have largely settled, at least in the legal industry, more and more firms are reversing those cuts. And since transparency is paramount and folks are eager for information as they try to figure out exactly what is going across the industry, we’ll be covering all of the ups and downs that might come to Biglaw.
The latest firm to reverse course on salary cuts is Fisher Phillips.
Back in April, Fisher Phillips announced salary cuts across the board with no end date. Associates and salaried staff had their paychecks cut by 20 percent, while hourly staff members had their hours cut by 20 percent, and those who are unable to work remotely were furloughed. Partners also took a pay cut, though the exact amount was unknown.
Though the cuts were for an indefinite period of time, tipsters at the firm report that after four months, Fisher Phillips is done with the austerity measures. Salaries will be fully restored “effective in the second half of August.” And decisions on bonuses/true-up payments will be made at the end of the year.
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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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).