Holland & Knight confirmed Monday that earlier this summer it partly walked back pay cuts for associates and staff it had made in response to the economic effects of the Covid-19 pandemic.
Easing of Covid-19 pay reductions has recently become a trend among Big Law firms that took on austerity measures in the spring to save cash amid the crisis.
Holland & Knight announced in May that it would be furloughing some workers, cutting partner draws, and reducing salaries for its associates and staff. Associates, counsel, and senior professionals saw their salaries downsized by 17.5%, while staff saw their salaries reduced by a range of 10% to 15%, depending on how much they made.
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.
Roughly half of the nation’s largest 100 law firms resorted to some combination of pay cuts, partner draw reductions, furloughs, or layoffs to weather the economic crisis brought about by the coronavirus pandemic. Now some are to an extent reversing course.
Last week Crowell & Moring said that it would do away with pay cuts for its attorneys, counsel, and staff, but still keep in place reductions for its equity partners and income partners.
Katten Muchin Rosenman said that it halved previous cuts to attorney and business professional salaries for those making $100,000 or more and restored more of previously reduced partner draws.
Cadwalader, Wickersham & Taft announced at the end of July it would reverse the compensation cuts it made in the spring for its attorneys. Fox Rothschild, K&L Gates, Reed Smith, Baker Botts, and Sheppard, Mullin, Richter & Hampton also announced they were scaling back pay cuts.
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