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Law360 (November 24, 2020, 5:45 PM EST) -- Intellectual property law firm Finnegan Henderson Farabow Garrett & Dunner LLP is making its employees whole following pay cuts put in place at the onset of the COVID-19 pandemic, the firm confirmed Tuesday.
The firm cut salaries for lawyers and staff in May, with the top earners seeing the biggest cuts, amid an uncertain economic outlook. Finnegan's leadership bumped salaries back up to pre-pandemic levels in October, and that measure now becomes retroactive as the firm said it is paying back the money employees lost between May and October.
"While 2020 presented challenges that tested our business, it also confirmed the values that Finnegan has stood behind for the past 55 years," managing partner Anand Sharma and chair Mark Sweet said in a statement Tuesday. "We are grateful for our attorneys and staff who continued to work hard while also sacrificing during this difficult time."
Sharma and Sweet added that the firm was doing well economically and incoming work had remained steady.
Finnegan joins a growing list of firms that have reversed pandemic pay cuts, including Orrick Herrington & Sutcliffe LLP, Loeb & Loeb LLP and Schiff Hardin LLP.
Finnegan told Law360 in May that it would cut salaries over $150,000 by 20%, salaries between $150,000 and $100,000 by 15%, and salaries between $100,000 and $75,000 by 10%. Those earning less than $75,000 did not have their salaries cut.
Finnegan reported no layoffs over the course of the pandemic.
--Editing by Emily Kokoll.
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