In-house compensation cuts are rapidly gaining steam as top in-house lawyers are taking pay cuts as their companies grapple with the impact of COVID-19. At the same time, companies are beginning to trim their staff and lawyers of all stripes are being affected. The sooner the curve is flattened the better, as the legal hiring market was hotter than it has been in decades only a few weeks ago. Whether rank and file in-house counsel salaries will be affected is unknown, but layoffs are already in the works at many law firms and companies. Let us all hope for a fast rebound.
“Top in-house lawyers are getting their compensation cut along with other executive officers as the new coronavirus causes widespread economic distress. Marriott International Inc., the Cheesecake Factory Inc., and other companies have announced plans to cut pay for top executives. Bloomberg Law recently reported that gaming company Accel Entertainment Inc.’s leadership is going even further, foregoing 100% of their pay until it hopes normal business operations resume next month. ‘We just thought it was the right thing to do,’ Accel general counsel Derek Harmer told Bloomberg Law in an email after that story was published. ‘Everyone is making sacrifices.'”
Read: Top Lawyers’ Pay Cut as Coronavirus Brings C-Suite Austerity