Baker & Hostetler Joins Ever-Growing List of Firms Cutting Pay
Partners will see reductions of between 15% and 20%, while associates and staff will see 10% cuts. The firm's summer associate program is being condensed to four virtual weeks.
May 07, 2020 at 04:59 PM
2 minute read
(Photo: Diego M. Radzinschi/ALM)
Baker & Hostetler announced Thursday that it is cutting compensation for lawyers and staff to prepare for the continuing impact of the coronavirus pandemic, even as it has made several strategic hires over the last two weeks.
Partners will see annual compensation cut by 15% to 20%, while associates and staff will see 10% cuts. The adjustments may remain in place for the duration of 2020. The firm added that it is not laying off any employees.
The firm's employees will not see their base compensation drop below a floor of $70,000 or $80,000, depending on the market. The firm's 16 U.S. offices span a mix of higher-cost and lower-cost cities.
Administrative assistants and staff will also be given the option of working a reduced work schedule in lieu of the 10% salary cut.
Additionally, the firm is cutting its summer associate program to four weeks, and will be holding it remotely. Compensation will be based on those four weeks that associates are employed by the firm.
Earlier in the week, the firm announced Monday that it had hired former Winston & Strawn Los Angeles chair of litigation David Aronoff as a partner, as Los Angeles managing partner Eric Sagerman continues to recruit his former Winston colleagues to build out the firm's presence in both Southern California and Northern California.
A week earlier, it said that it had brought on former Norton Rose Fulbright U.S. head of data protection and cybersecurity Jeewon Kim Serrato to serve as a co-leader of a new digital transformation and data economy practice team.
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