Thank you for sharing!

Your article was successfully shared with the contacts you provided.
In a further effort to trim its employee ranks, Pillsbury Winthrop is offering voluntary buyouts to about a dozen employees in its Palo Alto, New York and Stamford, Conn., offices. Pillsbury said the current buyout offer, directed at employees working in slow practice areas, was prompted by the continued economic downturn. “It is the most prudent business decision … to go into 2003 as strong and healthy as possible,” said Pillsbury spokeswoman Crystal Rockwood. Those who take the offer will receive four weeks’ salary plus 1 1/3 weeks’ pay for every year or partial year of service up to a maximum of 39 weeks. The severance package includes $3,000 for transition services, which include tuition reimbursement, financial planning and career counseling. Pillsbury is also freezing the salaries of non-attorney staff. Employees will still be eligible to receive bonuses, however. Rockwood said the firm couldn’t calculate how much money the firm would save from the buyout and salary freeze. Since Pillsbury has more than 900 employees, the salary freeze will be “a very significant cost savings,” Rockwood said. In the past year, Pillsbury has trimmed its attorney and staff ranks on several occasions. Besides the buyout of 15 staff in June, the firm also laid off 10 staff in its New York and San Francisco offices at that time. And in November 2001 it laid off 20 associates in its New York and Palo Alto offices. More recently, in August Pillsbury cut two corporate partners and two corporate associates from its Northern Virginia office.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.