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Biglaw firms continue to be impacted by the market upheaval caused by the coronavirus crisis, and the way most law firms thus far have decided to steady their finances is through salary cuts. Today, we have news on a firm that’s chosen to “spread the burden as equitably as possible” with firmwide reductions.
Loeb & Loeb, a firm that’s well known for its entertainment practice group, will be slashing salaries across the board in an effort to “minimize layoffs and furloughs.” How deep are the firm’s temporary pay cuts? Here’s an excerpt from the memo that just went out (available on the next page):
One source doesn’t feel like these cuts are very equitable, since Loeb & Loeb “didn’t even pay close to market to begin with.” Not for nothing, but now might not be the best time to complain about market salaries considering the fact that the firm is doing this to try to keep associates in their jobs. Hopefully the firm remains true to its word.
(Flip to the next page to see the full memo from Loeb & Loeb.)
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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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.