Loeb & Loeb is partially reversing coronavirus-related salary reductions the law firm implemented in April, according to a Tuesday memo from chair Kenneth Florin.
Several firms have announced in recent weeks either full or partial reversals of cash saving measures prompted by the havoc that the coronavirus has wreaked on the U.S economy.
Loeb & Loeb will reverse salary cuts by 60% effective Sept.1, Florin wrote. He also said the firm plans to award annual year-end bonuses.
The firm cut pay for income partners, senior counsel, of counsel, associates, and senior staff by 15% in the spring and for paralegals and other staff by 10%.
Cuts of 20% to monthly capital partner draws announced in the spring will remain in place, the chair said.
Florin wrote in the memo that “the impact of this pandemic on our business has not been as damaging as we had feared.”
“We are, however, very much aware that this pandemic is far from over and its overall impact not yet clear,” he added.
Around half of the nation’s largest 100 law firms resorted to some combination of pay cuts, partner draw reductions, furloughs, or layoffs in the wake of Covid-19. So did many firms that fall, like No.103 Loeb & Loeb, in the Second Hundred of the AmLaw 200.
Holland & Knight revealed Monday that it had partly reversed associate and staff pay cuts earlier in the summer. Other firms to roll back measures include Crowell & Moring, Cadwalader, Wickersham & Taft, Katten Muchin Rosenman, Fox Rothschild, K&L Gates, Baker Botts, Reed Smith, and Sheppard, Mullin, Richter, and Hampton.
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