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NEWS OCTOBER 26, 2020 ¦ 15

Hogan Lovells Holland & Knight
The global firm said Sept. 4 it would reverse pay The firm announced in late August that associates
cuts for some lawyers that were instituted June 1, would see 30% of their 17.5% pay cut restored, re-
with the restoration retroactive to that date. The pay sulting in a 5.25% restoration of their original salary.
restoration applies to associates, counsel, attorneys, And counsel, senior professionals and staff would
specialists and knowledge lawyers in the United see 30% to 50% of their reduced pay restored.
States, Mexico and Brazil. The firm had originally reduced partner draws by
In Asia-Pacific region, Dubai and the United an average of 25%, on a progressive basis. Associates,
Kingdom, the annual May salary review and discre- counsel and senior professionals saw their salaries
tionary bonus awards for associates and counsel that reduced by 17.5%. Staff cuts were also progressive.
were postponed will now be conducted in Septem- Those who earn more than $150,000 annually saw a
ber and compensation adjustments will be reversed 15% pay cut, while staff who earn between $75,000
retroactively to May 1. and $150,000 absorbed a 10% cut.
The firm also said decisions regarding bonuses, for
those eligible at the end of 2020,
will be made in the “normal course K&L Gates
The firm’s managing partners
of business, applying the nor- announced on September 24 that
mal standards.” Additionally, for it would end salary reductions for
business services personnel and all affected allied professionals,
personal assistants in the Ameri- associates and income partners ef-
cas, Asia-Pacific, Dubai, the U.K. fective October 16, and reductions
and Africa, and for some people Some firms have either in the provisional advances made
in Continental Europe, the annu- rolled back some austerity to equity partners will end begin-
al May compensation review and ning with the advances made at
bonuses were deferred, but this measures or made the end of October.
salary and bonus review will now additional cuts, or some
combination of the two. “As we transition back to individ-

take place after the third quarter. ualized, merit-based compensation
The firm will maintain some decisions on our ordinary sched-
austerity measures instituted in ules, we certainly will not forget the
June when the COVID-19 pan- contributions of those who have
demic made business prospects made extraordinary contributions
uncertain. Equity partners will over the course of 2020,” managing
continue to see reduced draws and bonus payments partner James Segerdahl wrote.
through the end of the year, while the compensation The firm had previously mitigated reductions.
reduction for nonequity partners and senior counsel Instead of the previously imposed 20% reduction
will be reviewed later in the year. in equity partners’ normally scheduled advances
each month, starting at the end of September,
the firm said advances will be reduced by 15%,
Holland & Hart
The firm announced Sept. 8 that it is returning all with the firm’s management committee mem-
employees to their full 2020 salaries and reinstating bers continuing to take larger reductions. Most
401(k) matching contributions. Profit distributions other personnel across K&L Gates (income part-
for equity partners were restored to the full amount ners, associates and allied professionals and staff)
for the third quarter. Additionally, the firm has a were previously taking a 15% reduction in their
“significant bonus pool” set aside to reward certain annualized salary. That reduction will be 10% go-
staff and lawyers who have contributed “at a high ing forward, starting with the work period at the
level” at the end of the year.
¦ Continued on PAGE 16

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