Baker Botts has announced salary reductions for its lawyers and staff and a delayed start date for new associates as the legal industry reels from the economic impact of the coronavirus pandemic.
In order to avoid layoffs and preserve its employees’ income, lawyers and staff at the firm will see temporary salary reductions starting May 1, Baker Botts chairman John Martin said in an internal email to the firm obtained by Bloomberg Law.
Partners at the firm agreed to take compensation reductions to “absorb the bulk of the financial impact expected from the pandemic,” Martin’s message said.
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