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Global firm to unwind COVID-19 compensation reduction measures
A global law firm with an Australian presence is set to reduce and eliminate temporary measures implemented to manage the economic uncertainty caused by the coronavirus pandemic.
Jerome Doraisamy
In May of this year, Squire Patton Boggs – which has offices in Darwin, Perth and Sydney – put in place various measures in response to the onset of COVID-19, including a compensation reduction of 20 per cent for all associates (in accordance with any local law requirements), as well as a 10-20 per cent salary reduction for global support staff, with the highest-earning positions taking a larger reduction.
Those whose salary was above these levels will see their compensation reductions cut in half.
In addition, Squires will be considering “additional discretionary bonuses” for professionals who have “performed at extraordinary levels” during the time in which compensation has been reduced. The firm’s existing bonus program remains in place.
Elsewhere, the firm’s partners will continue to “appropriately carry the largest financial burden” in tackling the ongoing challenges posed by the pandemic, with profit distributions being adjusted accordingly.
Squires chairman and global CEO Mark Ruehlmann thanked the firm’s employees for their “hard work and shared sacrifice”.
“The impacts of the global pandemic on our business have been less severe than we reasonably anticipated. While demand for our services has remained strong, we recognise that a fair amount of uncertainty remains in the months ahead,” he said.
“We will monitor circumstances closely to continue to act in the best interests of our clients and the firm.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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