(Photo: Diego M. Radzinschi/ALM)In More Expense Trimming, Ogletree Cuts Pay for All Lawyers and Some Staff
The new cost-cutting measures come about a week after Ogletree announced furloughs and reduction in hours for some staff.
April 21, 2020 at 01:15 PM
3 minute read
After announcing limited staff furloughs last week, Ogletree Deakins Nash Smoak & Stewart on Tuesday said it also will cut pay through the end of the year for all lawyers, including shareholders, and for staff making over $100,000, in response to the coronavirus pandemic.
"In order to preserve jobs and maintain the stability of the firm for the long run," said the national labor and employment firm said in a statement, the firm "has made the difficult decision to implement pay reductions for attorneys and highly compensated staff through the end of the year." The firm announced the pay cuts internally on Monday.
Ogletree is reducing compensation for equity shareholders by 20% and for other lawyers by 15%, according to the statement. Staff earning $100,000 or more will have pay cut by 10%, but those making less than that will not have their compensation reduced. The firm has about 860 lawyers in the United States.
Ogletree had announced last week that it would furlough some staff and reduce hours for others whose jobs were not suited for remote work. Those affected received two weeks of COVID-19 paid leave from the firm.
On Tuesday Ogletree said that it will continue paying the full health insurance premiums for those placed on temporary unpaid leave through June 30–a one'month addition from its initial decision last week to cover those employees' premiums through May 31.
With a furlough, workers are eligible for state unemployment benefits, plus $600 per week from the federal government that is available through July 31.
"We plan to reinstate staff once the economy recovers," Ogletree said in the statement.
Ogletree also announced last week that it was canceling its summer associate program due to the challenges of a remote-work environment. The firm had planned to field a summer class of 36 law students in 22 of its 56 offices.
According to data from The American Lawyer released Tuesday, Ogletree reported a 2% revenue increase last year to $520.1 million and a 3.2% increase in net income to $151 million. Profits per equity partner was flat at $777,000.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Nelson Mullins, Greenberg Traurig, Jones Day Have Established Themselves As Biggest Outsiders in Atlanta Legal Market
7 minute read
Ex-Deputy AG Trusts U.S. Legal System To Pull Country Through Times of Duress
7 minute read
'Rebound' In Demand For Legal Services Places Southeast Among Top 3 Regions In U.S.
4 minute readLaw Firms Mentioned
Trending Stories
- 1Free Speech Causes a Neighborly Feud
- 2Read the Document: 'Google Must Divest Chrome,' DOJ Says, Proposing Remedies in Search Monopoly Case
- 3Voir Dire Voyeur: I Find Out What Kind of Juror I’d Be
- 4When It Comes to Local Law 97 Compliance, You’ve Gotta Have (Good) Faith
- 5Legal Speak at General Counsel Conference East 2024: Virginia Griffith, Director of Business Development at OutsideGC
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
