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
Baker McKenzie offices in Washington, D.C. (Photo: Diego M. Radzinschi/ALM)
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.
Read More
Baker McKenzie Snatches Trade Secrets Guru From Paul Hastings
Greenberg Traurig Loses Bankruptcy Rainmaker to Baker McKenzie as Restructuring Stays Hot
Baker McKenzie Lands Morgan Lewis Employment Litigation Trio
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
© 2025 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
Are Counsel Ranks Getting 'Squeezed' as Nonequity and Associate Pay Grows?
5 minute read
AI's Place in Big Law Broadens, As Firms Embrace Fresh Uses of the Technology
‘Facebook’s Descent Into Toxic Masculinity’ Prompts Stanford Professor to Drop Meta as Client
6 minute read
Penn State Dickinson Law Dean Named President-Elect of Association of American Law Schools
Law Firms Mentioned
Trending Stories
- 1Crypto Entrepreneur Claims Justice Department’s Software Crackdown Violates US Constitution
- 2The Law Firm Disrupted: Tech Investment Is Necessary Yet Expensive. The Big Four Have a Leg Up
- 3Ben Crump Files First Wrongful Death Suit Over Los Angeles Wildfires
- 4DC Bar’s Proposed Anti-Discrimination, Harassment Conduct Rule Sees More Pushback
- 5California's Chief Justice Starts Third Year With Questions About Fires, Trump and AI
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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
