Back in April, megafirm Norton Rose Fulbright announced a bunch of austerity measures thanks to the economic upheaval cause by COVID-19. And it wasn’t just the salary cuts that lots of other firms also instituted — associates were also laid off as part of the measures.
Those who were left at the firm in the U.S. saw a 15 percent salary cut for all those making over $50,000. Now the firm has announced the end of those compensation hits, and their salaries will be returned to full, pre-pandemic levels.
Jeff Cody, Norton Rose Fulbright’s US Managing Partner, had this statement on the firm’s reinstatement of salary cuts:
“Based upon the firm’s performance through August, Norton Rose Fulbright US will end pay reductions for lawyers and staff and return them to full compensation on September 30. The partners are grateful for the commitment and loyalty demonstrated by all of our lawyers and staff during these difficult and uncertain times. These reductions were made in response to the pandemic, as our goal has always been to take care of our people while maintaining the firm’s health. We appreciate the ongoing commitment and loyalty of our people during these unprecedented times.”
When the firm announced its salary cuts in April, they indicated they’d only last through the end of September. Insert Wake Me Up When September Ends joke here. Now that you’ve got that song stuck in your head, it’s good to see the firm’s financial performance is progressing as expected.
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).
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.
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).