It’s officially the Biglaw Bonus Season (although only one company has announced 2020 bonuses so far). So why not give employees the added bonus of eliminating COVID-19 austerity measures and fully restoring all salaries?
This is exactly what is happening at Schiff Hardin, a company that had gross sales of US $ 186,437,000 in 2019 and the coronavirus crisis ranked 158th at Am Law 200. While the majority of attorneys saw a 15 percent cut in compensation, a staggering 50 percent was achieved in certain areas of activity. Employees who made more than $ 100,000 also saw savings of up to 15 percent, and the company laid off some employees as well.
After months of suffering, all of this bad news is finally coming to an end.
A Schiff Hardin spokesman made the following statement, outlining all of the steps the company has taken to make employees and employees a whole:
Like other companies, Schiff Hardin has carefully run its business in response to the economic impact of the pandemic. Starting in April, we have reduced some salaries for lawyers and employees. Despite the challenges 2020 brought, the company has performed well. We restored all salaries for the second quarter of August and the third quarter of October. We are delighted to also be restoring fourth quarter salaries at the end of December so that our attorneys and staff receive their full salaries for the entire year.
Congratulations to Schiff Hardin on his excellent performance. With their salaries restored, the company’s employees are sure to have a particularly good Christmas season.
If your law firm or organization is cutting salaries or restoring previous cuts, closing its doors, or reducing the number of its lawyers or employees, whether through overt layoffs, stealth layoffs or voluntary takeovers, please do not hesitate to let us know. Our large network of tipsters is part of what makes Above the Law thrive. You can email or text us (646-820-8477).
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Staci Zaretsky is Senior Editor at Above the Law, where she has been working since 2011. She would love to hear from you. Please send her an email with tips, questions, comments or criticism. You can follow her on Twitter or connect with her on LinkedIn.