Baker McKenzie offices in Washington, D.C. (Photo: Diego M. Radzinschi/ALM)Baker McKenzie To Trim Attorney, Professional Salaries by 15% in US
The moves in response to the coronavirus will not affect those earning less than $100,000, and no one will see their compensation reduced below that threshold.
April 13, 2020 at 06:09 PM
2 minute read
The original version of this story was published on The American Lawyer
As part of its North American efforts to respond to the economic consequences of the COVID-19 crisis, Baker McKenzie said Monday that it is reducing salaries for all attorneys, along with other timekeepers and business professionals, by 15% in the United States.
The firm said that equity partners, while not subject to the same cuts, would see greater reductions in compensation than any others at the firm. The salary reductions will not affect those earning less than $100,000, and no one will see their compensation reduced below that threshold.
"We all will share in some short-term pain, but in the long term, taking these actions now is the most prudent way for us to move through this crisis as a firm, with the smallest impact possible on our people and our clients," Colin Murray, North America Chief Executive Officer, said in a statement.
The firm expects the reductions to last from May 1 to the end of 2020, but it said that the length was ultimately uncertain.
The bonus pool for business professionals will be adjusted along similar lines with the goal of consistent total savings, but timing of bonus payments remains unchanged. Additionally, business professionals will not have their base pay adjusted on July 1, as had been scheduled.
The firm says it hopes to recognize top performing time keepers and business professionals, particularly those excelling in the face of increasing demands on their time, with additional payments later in the year.
Baker McKenzie is also establishing an emergency loan fund to support timekeepers and business professionals facing extreme hardships as a result of the crisis.
Canadian attorneys, timekeepers and business professionals will see a 10% reduction in salary. The firm has one office in Toronto. Local policies and regulations prevent any reductions in Mexico, where the firm has five offices.
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