Thanks to the COVID-19 outbreak, Biglaw firms the world over have been forced to initiate all kinds of cost-cutting measures, ranging from salary cuts to furloughs to layoffs, to ensure that they’ll be able to keep their heads above these dark waters. While we’ve seen a few voluntary leave programs here and there, we haven’t seen any outright buyout programs — until now.
We’ve been told that Ropes & Gray, which came in at No. 13 in the most recent Am Law 100 rankings with $1,903,616,000 in gross revenue, will be offering a voluntary separation incentive program to all of its U.S. support team employees. Those who are approved for these buyouts will receive one week of severance pay per year of service, plus an additional four weeks’ worth of pay (with a minimum of 12 weeks and a maximum of 30 weeks). Most departures related to this program will occur between June 19 and August 3. The firm will continue to pay its share of the employee’s medical, dental and/or vision insurance premium cost through December 31, 2020. It’s important to note that attorneys are not eligible to participate in the program.
(Flip to the next page to see a copy of the email announcing the firm’s voluntary separation incentive plan.)
We reached out to Ropes & Gray for comment on the firm’s buyout plan. “We’re being proactive. We need to take steps now to address our new reality,” a firm spokesman said. “This offer of voluntary separation for our U.S. business support teams is one. Our firm is strong economically, and as a community.”
We wish all of the legal professionals at Ropes & Gray 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).
If you’d like to sign up for ATL’s Layoff Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the layoff alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each layoff, salary cut, or furlough announcement that we publish.
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.