2019 has been a good year for Squire Patton Boggs. The company generated $ 1,035,000,000 in gross revenue last year, but that won’t stop the COVID-19 austerity measures sweeping Biglaw.
Today the company announced a 20% pay cut for all associates, although the existing bonus program is unaffected by the cuts. Staff will experience a range of cuts, between 10 and 20 percent, depending on salary. In addition, employees who are underutilized or unable to perform their work remotely will be placed on leave. Partner distributions will also be adjusted, and the company says the partnership will bear the biggest financial burden.
The summer program is also impacted. The US Summer Associate 2020 program is being phased out and those who were supposed to work in the company will receive a stipend and offer for future employment (2L will receive full-time job offers, 1Ls will be offered to join the 2021 summer program ). And future graduates of the class of 2020, who are expected to start in the firm’s US offices in September, will have their start day pushed back until January 2021. (The firm expects UK interns to start in August because of their scheduled start date. .)
The company had the following statement about the cuts:
âThe global pandemic has created distress for businesses around the world and will continue to do so for some time. As responsible managers of the firm and in accordance with actions taken by other law firms, it is necessary to take prudent steps to ensure the firm’s success and to avoid long-term job losses.
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