Squire Patton Boggs is eliminating and reducing several of salary cuts it instituted earlier this year as more law firms walk back their coronavirus-related austerity measures.
The firm said on Tuesday that starting in October, associates will have their compensation fully restored.
Global support staff and other non-partners whose salary prior to the reductions was less than $75,000 will also be fully restored, while those with salaries above that will see their compensation reduction halved.
The firm also said it will consider additional discretionary bonuses for those who performed at “extraordinary levels during the period of compensation reduction.”
Partners will continue to carry the largest financial burden in any future challenges and their profit distributions will be adjusted accordingly, according to the firm.
In May, Squire Patton Boggs announced that it would reduce compensation for all of its associates by 20% and implement a10% to 20% salary cut for global support staff, with its highest earners taking a larger reduction.
“Thanks to the hard work and shared sacrifice of our attorneys and global staff, the impacts of the global pandemic on our business have been less severe than we reasonably anticipated,” Squire Patton Boggs global CEO and chairman Mark Ruehlmann said in a statement.
“While demand for our services has remained strong, we recognize that a fair amount of uncertainty remains in the months ahead,” he said.
Many law firms have announced in recent weeks that they would eliminate or reduce salary cuts instituted as the coronavirus pandemic spread.
Ogletree, Deakins, Nash, Smoak & Stewart said last week that it was getting rid of all salary cuts for its lawyers and staff. Holland & Hart also announced it would be returning all of its employees to their full 2020 salaries and reinstating its 401(k) matching contributions.