We love a salary trend here at Above the Law! And when the news is good, so much the better. After salary cuts became the new norm in the springtime of COVID, now that summer’s here and autumn is around the corner, quite a few firms have decided that those cuts aren’t needed anymore, or at least they no longer need to be as severe as the initial haircut.
Back in May, Managing Partner Steven Sonberg of Holland & Knight announced staff furloughs and salary cuts for partners, associates, and staff. Cuts to partner draws averaged 25 percent at the firm, on a progressive scale. Associates, counsel, and senior professionals saw compensation cut by 17.5 percent. Staff making $75,000-$150,000 had a 10 percent pay cut and staff making $150,000+ got a 15 percent reduction.
But now, as reported by Bloomberg Law, Holland & Knight has walked back at least some of the cuts for all employees:
However, the firm said that it had restored 30% to 50% of the original 17.5%, 15% or 10% cuts at the end of June, with all associates receiving a 30% restoration of their salaries. The firm is currently evaluating a further restoration, a spokesperson said.
Let’s hope it’s only a matter of time before full salaries are restored.
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).