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Law360 (December 4, 2020, 5:42 PM EST ) Squire Patton Boggs LLP and Loeb & Loeb LLP announced Friday that they will be reversing pay cuts from earlier this year and making affected employees whole for the money they lost.
Squire Patton will be paying out back pay to its U.S. associates, who took a 20% pay cut from May through September. For its associates based in the U.K., the firm will consider similar measures at the end of the fiscal year in April, according to an email shared with Law360.
"Throughout the COVID-19 pandemic, our associates have performed admirably under challenging circumstances to provide excellent services to our clients," Squire Patton global CEO Mark Ruehlmann said in a statement. "Thanks to their hard work and shared sacrifices, the impacts of the global pandemic on our business have been less significant than we anticipated with demand remaining strong."
Loeb & Loeb, for its part, will be paying back both attorneys and staff for pay cuts that took effect between April 15 and Sept. 30, according to an email shared with Law360.
"Due in no small part to your hard work and commitment over the last several months, I am pleased to let you know that the firm is on track to end the year stronger than we could have anticipated when the pandemic began," managing partner Ken Florin said in the email.
Florin also provided employees an update about the firm's plans on eventually sending them back to the office.
"At this point, we do not anticipate a broader return to any of our US offices before March 1, 2021, and it could very well be some time after this depending on how things progress," Florin said.
Firms across the industry began rolling back salary cuts in September after the economic effects of the pandemic hit less hard than anticipated. Loeb & Loeb and Squire Patton follow firms like Finnegan Henderson Farabow Garrett & Dunner LLP in paying back the salaries lost to pay cuts.
--Editing by Bruce Goldman.
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