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Law360 (November 12, 2020, 7:23 PM EST ) Stoel Rives LLP announced Thursday that it plans to retroactively pay its lawyers and staff who saw cuts this year due to the coronavirus pandemic.
The firm's move means employees will receive full pay for their work this year, according to a statement from Melissa Jones, the firm's managing partner. The firm employs more than 375 attorneys.
"Our people have been good stewards of our resources in this uncertain year, and we are grateful to be in a position to make these decisions at this time," Jones said. "We will continue to work hard for our clients to bring 2020 to a successful close."
The firm took prudent action earlier this year to protect its business when it was not known how the pandemic would impact the firm's clients, Jones said in a statement provided to Law360.
"Now that we are almost at the end of the year, we see that demand has remained steady and we have been able to serve our clients effectively notwithstanding the challenges presented by the pandemic," Jones said. "Our people have done a tremendous job and it is only right for them to reap the benefits of the hard work that has gotten us to this place."
After the legal industry lost 68,000 jobs in April, it has seen some, but not all, jobs return.
A three-month increase in jobs ended in August when employment in the industry remained the same as in July. As the industry slowly hires back some employees, jobs in the industry as of October were still about 42,900 less than the jobs the industry reported in March.
In April, Stoel Rives was among the many firms that announced cost cutting moves.
The firm at the time furloughed 10% of its staff for at least three months although it still paid for those employees to receive benefits. The firm also cut annual pay by 13% for associates, staff attorneys and counsel attorneys starting May 1.
Stoel Rives additionally started tiered hourly reductions with corresponding pay reductions for staff based on their salaries. The cuts started at 5% for those earning more than $75,000 and increased up to 20% for those who earn more than $150,000.
The April measures also included freezing hiring and spending, deterring staff bonuses and getting rid of most associate bonuses and reimbursements for parking and public transportation.
After announcing in August that it was partially walking back pay cuts, Stoel Rives said in October that it was returning base pay for attorneys and staff to pre-pandemic pay rates by Oct. 12.
The firm has not completely stalled its hiring since the pandemic. Stoel Rives hired Perkins Coie LLP commercial and antitrust litigator Charles H. Samel in late May as a partner in the firm's litigation practice group.
--Additional reporting by Emma Cueto and Aebra Coe. Editing by Bruce Goldman.
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