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The hits keep coming for Biglaw firms thanks to the coronavirus pandemic, and this time, an Am Law 200 firm has found itself battered and bruised.
Sources tell us that Ballard Spahr, currently ranked at #91 in the Am Law 100, recently announced firmwide salary adjustments in light of the COVID-19 outbreak. We’ve been told the firm is cutting salaries by 10 to 15 percent for all employees, except for those who make less than $75,000 annually (i.e., staff members). Specifically, staff members will see a 10 percent pay cut, while associates will see a 15 percent pay cut. Partners are also bearing some of the brunt here, reducing their draws by 25 percent. In perhaps the worst news of all, we’re told that the firm will not be issuing its annual raises in July.
We reached out to Ballard Spahr several times for comment, but have not received a response. We will update this article if and when we hear back from the firm.
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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.