Partner distributions resume at some law firms amid coronavirus crisis
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At least two large law firms are resuming partner distributions after trimming them in response to the COVID-19 pandemic.
Law.com has the story on restored partner compensation at Lowenstein Sandler and Cozen O’Connor.
Lowenstein Sandler began paying its equity partners more than the standard distribution in May in a bid to make up for lower distributions that began in February.
Firm chairman and managing partner Gary Wingens told Law.com that legal work picked up in June, aided by busy practices in bankruptcy, capital markets, and mergers and acquisitions.
At Cozen O’Connor, partners began receiving full compensation in July after seeing deferrals of between 10% and 20% in April and May. The firm declined to comment, however, when Law.com asked about the status of furloughed employees.
A third large law firm, Bryan Cave Leighton Paisner, announced earlier this month that it was trimming pay cuts it implemented in April for those making more than $40,000. The firm had cut pay by 15% per year, but the amount was reduced to 7.5% per year in July. At the same time, the firm laid off a small number of lawyers and staff members across its global offices.
A midsized Texas law firm, Munck Wilson Mandala, has also resumed normal pay for all employees after pay cuts this past spring. The firm didn’t return Law.com’s phone message when the publication sought information on furloughed employees.