A UK associate struggles on
Squire Patton Boggs has back-paid its US lawyers as compensation for salary cuts last year; but has yet to offer its UK lawyers the same deal.
SPB instigated 20% pay cuts from May to September last year. The firm subsequently back-paid its US associates in December for the 'lost' sums, meaning that they were effectively paid in full last year. But a disgruntled source told RollOnFriday that UK associates were still waiting for the firm to confirm it would treat them the same.
A SPB spokesman said the firm made “true-up” payments to all its US associates in December last year, "in order to restore any compensation loss resulting from temporary austerity measures".
The spokesman said that similar measures were being "evaluated" in the UK, and the firm was "committed" to making "true-up" payments for all UK staff "providing our year-end financial results support us doing so." The firm will make a decision at the end of April (the close of the UK fiscal year), and will only dish out any reimbursed payments in October after the accounts are signed.
There will also be an increase in targets, as SPB is hiking chargeable hour requirements from 1500 to 1600 hours. The firm's spokesman said this was "consistent with peer firms in the market."
Firms have taken a different approach on remuneration to staff, while the pandemic continues. Some have started to lift restrictions, others have remained cautious, while White & Case shrugged off Covid by issuing a huge pay rise for NQs. Let us know what your firm is doing.