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No sooner did Above the Law hear about the first Biglaw firm that cut salaries as part of COVID-19 austerity measures making it up to associates through bonuses, that we have another firm getting on the bonus bandwagon. This time it is Baker Botts, a firm that placed 58th on the latest Am Law 100 ranking, that is seeing a financial uptick.
After previously announcing a plan of “collective sacrifice” to get through the global health crisis, Baker Botts has changed course. The salary cuts — 20 to 30 percent based on salary level for counsel, 20 percent for associates, and 0 to 20 percent based on salary level for staff — will be reduced by 50 percent. So, at the associate level, those cuts are now just 10 percent.
Plus, the firm is making good on its promise to award interim bonuses for exceptional performance of non-partner timekeepers. As managing partner John Martin said in a firmwide email:
As I mentioned in my April announcement, we will be awarding interim bonuses to non-partner timekeepers who have made exceptional contributions over the past months. Bonus eligibility will be determined based on a number of factors, including utilization and exemplary client service, for the May 1 – July 31 period, as recorded in adherence with the Firm’s time entry policy and deadlines.
Over 200 Baker Botts employees are expected to take home these bonuses, and Martin said this isn’t the end of the bonuses:
We will look to award bonuses later in the year to supporting staff who have demonstrated extraordinary dedication and provided exceptional support across the Firm, to enable us to operate so effectively in this remote environment.
Martin also announced that all employees will be getting a $1,000 technology stipend.
Read the full email on the next page.
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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).