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Law360 (August 24, 2020, 6:18 PM EDT ) London-based Kennedys LLP announced Monday it will proceed with salary increases that had been postponed due to the COVID-19 pandemic, with the firm saying it had a strong fiscal year.
One of the few firms not to implement furloughs or layoffs or cut salaries for employees, Kennedys said it has decided to reward all attorneys and non-attorney employees after the firm reported record turnover for the 2019/2020 fiscal year, with turnover growing 9% over the previous period.
"As a firm, we feel immensely proud of our people and how they have coped with this pandemic," managing partner Suzanne Liversidge told Law360 Monday. "The most important thing for us beyond our clients has been our people. We have worked hard to make sure we all get through this pandemic together."
Liversidge added that it was important to the firm that everyone who works there knows that their hard work has been appreciated and that the firm approaches the pandemic with a sense that everyone is "in this together."
According to the firm, Kennedys had previously committed to providing bonuses and to going ahead with its trainee and apprenticeship positions this year. However, it had suspended salary increases for non-attorney staff starting in May and for attorneys from September, in order to allow the board to monitor the impact of the pandemic.
Increases are currently scheduled to take effect in November, which Liversidge said is later in the year than normal due to some caution on the firm's part.
Nick Thomas, senior partner of Kennedys, said in a statement Monday, "It gives me immense satisfaction and pride to lead a partnership which chooses to reward our staff during what is a challenging time for so many businesses. But the reality is that they've earned it and deserve it having demonstrated their ability to maintain productivity remotely."
Thomas added that the firm has adopted an attitude of "cautious optimism" during the pandemic, noting times are uncertain but the firm's performance has remained strong.
During the spring, as the COVID-19 pandemic caused global economic upheaval, many firms took cost-cutting measures such as furloughing or laying off employees and reducing pay for attorneys and non-attorneys alike.
In recent weeks, some firms have begun to walk those changes back, including Stoel Rives LLP, Cadwalader Wickersham & Taft LLP, Baker Botts LLP, Sheppard Mullin Richter & Hampton LLP, Fox Rothschild LLP and K&L Gates LLP.
Pillsbury confirmed to Law360 on Friday that it has eased its pay cuts for associates, of counsel and non-attorney staff, and had provided back pay for the first half of 2020 to bring up salaries retroactively.
--Editing by Janice Carter Brown.
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