Law firm Squire Patton Boggs is reducing pay for associates globally to deal with the financial constraints of the Covid-19 (Coronavirus) pandemic.
The 20% pay reduction, which will take into account any local law restrictions, will be reviewed on an ongoing basis, however, the organisation’s existing bonus programme will not be affected.
Additionally, global support staff will receive reductions ranging from 10% to 20%, with senior employees taking a higher reduction in pay.
The firm’s partners will receive the largest financial ramifications during the pandemic, as profit distributions for partners globally will be adjusted accordingly.
Squire Patton Boggs has also furloughed some of its support employees who are not able to work remotely.
A spokesperson at Squire Patton Boggs said: “The global pandemic has created distress for companies around the world and will continue to for some time. As responsible stewards of the firm and consistent with measures taken by other law firms, it is necessary to take prudent steps to assure the firm’s success and prevent job loss over the long term.”