Law firm Squire Patton Boggs will return its employees to full pay following the pay cuts that were put in place due to the Covid-19 (Coronavirus) pandemic, effective from October 2020.
The organisation, which has offices globally including the US, UK and Europe, will restore the salaries of support staff and other non-partners at the firm that were paid under the salary threshold of $75,000 (£60,000), while those over the threshold pay level will see their pay reduction restored by 50%.
Squire Patton Boggs implemented a number of temporary financial measures were in May due to concerns around the financial impact of the Coronavirus pandemic. These included a 20% reduction for all associates, as well as a 10%-20% pay cut for global support staff.
The law firm is also considering discretionary bonuses for staff who performed at exceptional levels while working at a lower compensation level. Partners at the firm will continue to commit to the temporary pay cuts that they received in May with profit distributions being adjusted accordingly.
Mark Ruehlman, chairman at Squire Patton Boggs, said: “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. While the demand for our services has remained strong, we recognise that a fair amount of uncertainty remains in the months ahead. We will monitor circumstances closely to continue to act in the best interests of our clients and the firm.”