Tracking COVID-19's effect on V100 associate pay/layoffs

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plmqazw

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Tracking COVID-19's effect on V100 associate pay/layoffs

Post by plmqazw » Wed Apr 01, 2020 1:14 pm

Anyone interested in tracking the effects of COVID-19 on associate pay at V100 law firms? I'll start the list below. I recognize that Vault is a flawed ranking system, but I'm putting these in order of the current Vault rankings for the sake of organization and seeing the effects on the "most prestigious" firms.

Updated Fri May 15, 2020 4:00 pm Eastern Time (U.S.) (today's updates in purple)

Summary Stats:
  • 41 of the V100 have (reportedly or allegedly) implemented compensation freezes/cuts or layoffs.
  • These 41 include 11 V50s and 30 V51-100 firms.
  • The largest pay cut to have been announced is 25%, by Cadwalader (V52) and Arent Fox (V77).
  • The highest Vault-ranked firm to have announced compensation freezes/cuts or layoffs is Boies Schiller (V24). (Note: Boies Schiller asserts its layoffs are due to partner defections.)
List of Firms:
  • Boies Schiller (V24) - Unspecified percentage of associates laid off (purportedly due to partner defections)
  • Hogan Lovells (V27) - 15% pay cut for associates making >$400k; 10% pay cut for all other associates
  • Baker McKenzie (V32) - 15% pay cut for associates
  • Orrick (V34) - 15% pay cut for senior associates; 10% pay cut for junior and mid-level associates
  • Mayer Brown (V35) - 15% pay cut for associates; voluntary 12-week sabbatical while being paid 25% of normal salary (or 35% of normal salary if pro bono work is performed)
  • Goodwin Procter (V37) - Unspecified percentage of associates laid off (purportedly due in part to performance issues)
  • K&L Gates (V40) - 15% pay cut for associates
  • Shearman (V44) - Voluntary 3-6 month sabbatical while being paid 30% of normal salary (or 40% of normal salary if pro bono work is performed); alleged layoff of associates who failed to win the H1B lottery who were previously promised reassignment overseas (see http://www.top-law-schools.com/forums/v ... #p10425068); alleged layoffs not publicly reported
  • Baker Botts (V45) - 20% pay cut for associates
  • Linklaters (V46) - 50% of bonus deferred; salary reviews deferred by six months
  • Perkins Coie (V49) - 15% pay cut for associates and patent agents
  • Cadwalader (V52) - 25% pay cut for associates
  • Dentons (V55) - 20% pay cut for all associates except first-years (second-years get a slightly less than 20% cut so they don't get paid less than first-years); 15% pay cut for first-year associates; 50% of 2019 bonus deferred to the second half of 2020
  • McDermott Will & Emery (V57) - Unspecified percentage of associates laid off
  • Freshfields (V58) - Associate pay frozen; bonus reviews deferred by five months
  • Reed Smith (V61) - 15% pay cut for associates; alleged unspecified percentage of associates laid off (see https://www.top-law-schools.com/forums/ ... #p10426582); alleged layoffs not publicly reported
  • Pillsbury (V62) - 20% pay cut for associates
  • Holland & Knight (V64) - 17.5% pay cut for associates
  • BakerHostetler (V65) - ~16% pay cut for associates (10% annualized over the entire year)
  • Norton Rose (V66) - Unspecified percentage of associates laid off; 15% pay cut for remaining associates
  • Nixon Peabody (V68) - 5% of associates laid off; 5% of associates furloughed; 10% pay cut for remaining associates
  • Crowell & Moring (V69) - 15% pay cut for associates
  • Venable (V70) - 20% pay cut for associates
  • Squire Patton Boggs (V72) - 20% pay cut for associates
  • Sheppard Mullin (V74) - 12% pay cut for associates
  • Arent Fox (V77) - 25% pay cut for associates
  • Locke Lord (V79) - 10% pay cut for associates
  • Katten (V81) - 20% pay cut for associates
  • Bryan Cave (V82) - 15% pay cut for associates; voluntary sabbatical while being paid 30% of normal salary; voluntary part-time schedule with corresponding reduction in salary
  • Seyfarth Shaw (V83) - ~50 attorneys furloughed for 90 days; 10% pay cut for associates
  • Pepper Hamilton (V84) - 20% pay cut for associates
  • Fox Rothschild (V85) - 10-15% pay cut for associates (10% of pay up to $200k, plus 20% of pay over $200k, provided that the maximum total pay cut is 15%)
  • Duane Morris (V87) - 15% pay cut for associates; elimination of 401(k) matching
  • Davis Wright Tremaine (V90) - 12% pay cut for associates
  • Blank Rome (V92) - 15% pay cut for associates
  • Kilpatrick (V93) - 5% pay cut for associates
  • Ballard Spahr (V94) - 15% pay cut for associates; no raises
  • Faegre Drinker (V95) - 15% pay cut for associates
  • Mintz Levin (V96) - 10% pay cut for associates; no discretionary bonus (hours bonus remains untouched); 5% pay cut for patent agents
  • Foley Hoag (V98) - 15% pay cut for associates; 7.5% pay cut for patent agents making >$150k
  • Littler (V99) - 13% pay cut for all associates except first and second-years; 11% pay cut for first and second-year associates
Tally by Decile:
  • 0 V1-9
  • 0 V10-19
  • 2 V20-29
  • 4 V30-39
  • 5 V40-49
  • 4 V50-59
  • 7 V60-69
  • 5 V70-79
  • 6 V80-89
  • 8 V90-99

plmqazw

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Re: Tracking COVID-19's effect on V100 associate pay

Post by plmqazw » Thu Apr 02, 2020 1:30 pm

  • Alley & Overy (V47) - No raises for non-US associates
  • Cadwalader (V52) - 25% pay cut for associates
  • Arent Fox (V77) - 25% pay cut for associates

plmqazw

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Re: Tracking COVID-19's effect on V100 associate pay

Post by plmqazw » Thu Apr 02, 2020 2:28 pm

  • Alley & Overy (V47) - No raises for non-US associates
  • Cadwalader (V52) - 25% pay cut for associates
  • Norton Rose (V66) - Optional 20% pay cut for US associates in exchange for reduced hours req.
  • Arent Fox (V77) - 25% pay cut for associates

decimalsanddollars

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Re: Tracking COVID-19's effect on V100 associate pay

Post by decimalsanddollars » Thu Apr 02, 2020 3:23 pm

plmqazw wrote:
  • Alley & Overy (V47) - No raises for non-US associates
  • Cadwalader (V52) - 25% pay cut for associates
  • Norton Rose (V66) - Optional 20% pay cut for US associates in exchange for reduced hours req.
  • Arent Fox (V77) - 25% pay cut for associates
Any source for the Norton Rose deal? Can't find that online, and people who work there haven't heard that

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lawhawk1836

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Re: Tracking COVID-19's effect on V100 associate pay

Post by lawhawk1836 » Thu Apr 02, 2020 4:00 pm

Looks like this applies only to *staff* in Europe, Asia, and Middle East.

Jchance

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Re: Tracking COVID-19's effect on V100 associate pay

Post by Jchance » Thu Apr 02, 2020 4:34 pm

For convenience's sake, will you just edit the OP post with the most updated info?

Would be useful to add firms that have furloughed associates.

JusticeSquee

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Re: Tracking COVID-19's effect on V100 associate pay

Post by JusticeSquee » Thu Apr 02, 2020 5:05 pm

Above the Law has a pretty good tracker here:
https://abovethelaw.com/2020/04/the-cov ... o-survive/

ghostoftraynor

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Re: Tracking COVID-19's effect on V100 associate pay

Post by ghostoftraynor » Thu Apr 02, 2020 5:18 pm

Please don't stop! Personally find this one helpful.

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MillllerTime

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Re: Tracking COVID-19's effect on V100 associate pay

Post by MillllerTime » Fri Apr 03, 2020 9:52 am

JusticeSquee wrote:Above the Law has a pretty good tracker here:
https://abovethelaw.com/2020/04/the-cov ... o-survive/
A good source, but I like info in this thread better -- organized by vault (however worthless you think vault rankings) is a plus, and more importantly, don't need to list reductions in partner draws in my opinion. Virtually every firm is going to have less $$ going to partners, and it's frankly a good thing that firms like Reed Smith are doing that first rather than hitting any other employees (though obviously you could interpret them as being more likely to hit others in near future).

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Re: Tracking COVID-19's effect on V100 associate pay

Post by Anonymous User » Fri Apr 03, 2020 1:06 pm

MillllerTime wrote:
JusticeSquee wrote:Above the Law has a pretty good tracker here:
https://abovethelaw.com/2020/04/the-cov ... o-survive/
A good source, but I like info in this thread better -- organized by vault (however worthless you think vault rankings) is a plus, and more importantly, don't need to list reductions in partner draws in my opinion. Virtually every firm is going to have less $$ going to partners, and it's frankly a good thing that firms like Reed Smith are doing that first rather than hitting any other employees (though obviously you could interpret them as being more likely to hit others in near future).
I’m at RS and that’s exactly how I interpret that move. Only a matter of time before the majority of partners are like why is our comp being hit, why don’t we reduce associate pay. They are overpaid anyway.

We don’t care all that much about national reputation and keeping up with the Vault.

plmqazw

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Re: Tracking COVID-19's effect on V100 associate pay

Post by plmqazw » Fri Apr 03, 2020 2:03 pm

Jchance wrote:For convenience's sake, will you just edit the OP post with the most updated info?

Would be useful to add firms that have furloughed associates.
I don't see a way to do that (I only see the options to quote the post or report it) but please correct me if I'm wrong!

plmqazw

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Re: Tracking COVID-19's effect on V100 associate pay

Post by plmqazw » Fri Apr 03, 2020 2:12 pm

Updated list below. Corrected the Norton Rose line. Apologies, heard the news from a friend who works there who was misinformed.
  • Alley & Overy (V47) - No raises for non-US associates
  • Cadwalader (V52) - 25% pay cut for associates
  • Norton Rose (V66) - Optional 20% pay cut for associates in Europe, Asia and the Middle East in exchange for reduced hours req.; 10% pay cut for associates in Canada
  • Arent Fox (V77) - 25% pay cut for associates
Noting that Blank Rome (V92) furloughed some of its support staff but not its attorneys.

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trebekismyhero

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Re: Tracking COVID-19's effect on V100 associate pay

Post by trebekismyhero » Fri Apr 03, 2020 2:14 pm

plmqazw wrote:
Jchance wrote:For convenience's sake, will you just edit the OP post with the most updated info?

Would be useful to add firms that have furloughed associates.
I don't see a way to do that (I only see the options to quote the post or report it) but please correct me if I'm wrong!
Maybe the Mods can allow you to update the OP. It is one of the annoying changes, you can't update your posts after like 20 minutes

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Re: Tracking COVID-19's effect on V100 associate pay

Post by QContinuum » Fri Apr 03, 2020 4:15 pm

trebekismyhero wrote:
plmqazw wrote:
Jchance wrote:For convenience's sake, will you just edit the OP post with the most updated info?

Would be useful to add firms that have furloughed associates.
I don't see a way to do that (I only see the options to quote the post or report it) but please correct me if I'm wrong!
Maybe the Mods can allow you to update the OP. It is one of the annoying changes, you can't update your posts after like 20 minutes
I don't think there's a function that allows for a poster to be given extra power in relation to editing a single post. At least, if there is, it's not something the mods have the power to allow.

I'll try to edit the top post semi-regularly with OP's most recent updates (without any independent review of what OP posts).

plmqazw

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Re: Tracking COVID-19's effect on V100 associate pay

Post by plmqazw » Fri Apr 03, 2020 4:38 pm

QContinuum wrote:
trebekismyhero wrote:
plmqazw wrote:
Jchance wrote:For convenience's sake, will you just edit the OP post with the most updated info?

Would be useful to add firms that have furloughed associates.
I don't see a way to do that (I only see the options to quote the post or report it) but please correct me if I'm wrong!
Maybe the Mods can allow you to update the OP. It is one of the annoying changes, you can't update your posts after like 20 minutes
I don't think there's a function that allows for a poster to be given extra power in relation to editing a single post. At least, if there is, it's not something the mods have the power to allow.

I'll try to edit the top post semi-regularly with OP's most recent updates (without any independent review of what OP posts).
Thank you! Hopefully it won't have to be updated often! Fingers crossed.

plmqazw

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Re: Tracking COVID-19's effect on V100 associate pay

Post by plmqazw » Fri Apr 03, 2020 4:45 pm

  • Alley & Overy (V47) - No raises for non-US associates
  • Cadwalader (V52) - 25% pay cut for associates
  • Norton Rose (V66) - Optional 20% pay cut for associates in Europe, Asia and the Middle East in exchange for reduced hours req.; 10% pay cut for associates in Canada
  • Arent Fox (V77) - 25% pay cut for associates
Noting that (i) Nixon Peabody (V68) furloughed ~25% of its support staff but not its attorneys and (ii) Blank Rome (V92) furloughed some of its support staff but not its attorneys.

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Re: Tracking COVID-19's effect on V100 associate pay

Post by Trout et al » Fri Apr 03, 2020 5:07 pm

ATL says Venable is doing 20% pay cuts

QContinuum

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Re: Tracking COVID-19's effect on V100 associate pay

Post by QContinuum » Fri Apr 03, 2020 5:27 pm

plmqazw wrote:Thank you! Hopefully it won't have to be updated often! Fingers crossed.
All thanks to you for taking on this tracking project! And agree, hope there won't be too many updates.

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Re: Tracking COVID-19's effect on V100 associate pay

Post by Anonymous User » Sat Apr 04, 2020 12:45 pm

I know of 2 other firms that have instituted similar measures that haven't been disclosed to ATL - so this list is certainly longer than it currently stands (and I would be shocked if it doesn't continue to grow). Guessing some people don't want to blast their firms by leaking to the press.

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Re: Tracking COVID-19's effect on V100 associate pay

Post by ChickenSalad » Sat Apr 04, 2020 1:39 pm

Anonymous User wrote:I know of 2 other firms that have instituted similar measures that haven't been disclosed to ATL - so this list is certainly longer than it currently stands (and I would be shocked if it doesn't continue to grow). Guessing some people don't want to blast their firms by leaking to the press.
Can you give us an AmLaw or Vault range?

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Re: Tracking COVID-19's effect on V100 associate pay

Post by Anonymous User » Sat Apr 04, 2020 6:06 pm

ChickenSalad wrote:
Anonymous User wrote:I know of 2 other firms that have instituted similar measures that haven't been disclosed to ATL - so this list is certainly longer than it currently stands (and I would be shocked if it doesn't continue to grow). Guessing some people don't want to blast their firms by leaking to the press.
Can you give us an AmLaw or Vault range?

Different anon, but one is a 10-20% cut to all employees (depends on salary). Vault range is 90-100.

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Re: Tracking COVID-19's effect on V100 associate pay

Post by Anonymous User » Sat Apr 04, 2020 6:15 pm

Any1 heard anything from Kramer Levin?

leavingfirm

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Re: Tracking COVID-19's effect on V100 associate pay

Post by leavingfirm » Sun Apr 05, 2020 4:51 pm

List is gonna be 25 firms longer by Wednesday. That's a guarantee.

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Re: Tracking COVID-19's effect on V100 associate pay

Post by cfcm » Sun Apr 05, 2020 5:47 pm

leavingfirm wrote:List is gonna be 25 firms longer by Wednesday. That's a guarantee.
I’ll take the under.

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