Legal Law

Wage cuts and bonuses … with particular bonuses on the horizon

The pandemic has cut many companies this year, and Holland & Knight was very much among them. But those austerity measures have come to an end, and the company announced on a phone call just before the holiday that they would be reversing the last of those cuts and making full payments to employees for 2020 compensation in January!

That’s exciting, but the company sweetened the deal with the revelation that employees will receive special bonuses in addition to annual bonuses, although the amount of the special bonuses has not yet been announced.

The fixed fiscal year starts in March, so bonuses and salary increases for aspiring employees come into effect (retroactive to January 1st).

Employees seem happy with the news:

All in all, I don’t think many of us were expecting any special bonuses and possibly even had doubts about potentially affected year-end bonuses. I think most of us are thrilled that we are full for 2020, receiving a special bonus, and receiving our usual annual increases and year-end bonuses on schedule.

Congratulation.

Earlier: Biglaw Firm With Over A Billion In Revenue Cut Employee Salaries (And More!)

Joe Patrice is Senior Editor at Above the Law and co-moderator of Thinking Like A Lawyer. Feel free to send tips, questions or comments via email. Follow him on Twitter for all the law, politics, and a healthy dose of college sports news. Joe is also the managing director of RPN Executive Search.

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