Holy hell what firms have cut salaries? Are these firms where work has slowed because in my office hours have maintained and for many associates, hours have increased. Receipts are slow but damn if you’re firm can’t maintain salaries for short period of time I would question the leadership and liquidity of the firm.
We’ve had certain practice groups increase some but business and RE have taken a dip. Just announced today the (meager) summer bonuses were delayed/cancelled. Hope to make it up later, but sitting tight on cash in the meantime. No lay offs yet, but staff will be first since partners are realizing they don’t need a bunch of secretaries to print their letters and put them in the mail.
I think it depends on the firm. My firm very explicitly said the goal is to pay everyone impacted by the pay cuts back at the end of the year, if possible. If not possible, at the very least, give bonuses. Management has been having monthly calls with associates to discuss where the firm is financially, which I really appreciate.
I’ve heard of firms explicitly promising pay back by a certain date and other firms saying they hope to pay it back in the form of a bonus. I think it really depends on the size of the firm, their previous financial stability, and how conservative they’re being in an effort to ride this out without layoffs or more serious cuts.
My firm just had one of the highest collections in this quarter compared to last year (pre-COVID). I hope that they reinstate salaries, but I doubt it...
Holy hell what firms have cut salaries? Are these firms where work has slowed because in my office hours have maintained and for many associates, hours have increased. Receipts are slow but damn if you’re firm can’t maintain salaries for short period of time I would question the leadership and liquidity of the firm.
We’ve had certain practice groups increase some but business and RE have taken a dip. Just announced today the (meager) summer bonuses were delayed/cancelled. Hope to make it up later, but sitting tight on cash in the meantime. No lay offs yet, but staff will be first since partners are realizing they don’t need a bunch of secretaries to print their letters and put them in the mail.
I think it depends on the firm. My firm very explicitly said the goal is to pay everyone impacted by the pay cuts back at the end of the year, if possible. If not possible, at the very least, give bonuses. Management has been having monthly calls with associates to discuss where the firm is financially, which I really appreciate.
I believe Faegre’s pay cut is only for 2020
It’s 15% and technically it could last longer after the end of 2020 (there is no specified end date).
Rising Star
I’ve heard of firms explicitly promising pay back by a certain date and other firms saying they hope to pay it back in the form of a bonus. I think it really depends on the size of the firm, their previous financial stability, and how conservative they’re being in an effort to ride this out without layoffs or more serious cuts.
Firm implemented a 20% paycut til end of July and will reevaluate. No mention how bonuses will be affected and definitely no mention of paying back
My firm just had one of the highest collections in this quarter compared to last year (pre-COVID). I hope that they reinstate salaries, but I doubt it...