Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo is rolling back its pay cuts for attorneys and staff as more law firms eliminate Covid-19-related austerity measures.
The firm’s policy committee will restore all base pay cuts to associates, technical advisers, patent agents, and professional staff starting with its Oct. 23 payroll, a firm spokesperson said.
In April the firm said it would holdback 40% of equity partner profits and monthly payouts to equity partners by 10%, with nonequity partners receiving a 5% reduction in payouts.
Associates received 10% salary cuts, while staff and paraprofessional salaries making more than $75,000 received a 5% reduction across the board.
The announcement by Mintz is just the latest rollback of salary cuts many law firms implemented earlier this year. Nearly half of the law firms in the Am Law 100 turned to cuts as they feared the economic effects of the Covid-19 pandemic.
Among the firms that have recently restored pay are Bryan Cave Leighton Paisner, which said this week it would roll back pay cuts as well as implement several structural changes, including the creation of a chief transformation officer role.
Sheppard, Mullin, Richter & Hampton also said it would reduce attorney and staff pay cuts made in response to the coronavirus crisis but will also eliminate half of the 44 furloughed staff positions. Baker Botts announced job cuts this week as well, confirming it is set to lay off 50 staff members.