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43% of partners took a pay cut because of COVID-19, new survey finds
Image from Shutterstock.com. Forty-three percent of partners reported taking a pay cut directly related to COVID-19, according to Law360’s inaugural Law Firm Partner Compensation Survey: Partnership and Pay in an Unprecedented Year, released Wednesday. Of those partners who saw their pay reduced because of the pandemic, nearly half said their salary was slashed by 20% or more, the survey found. The median pay decrease due to the pandemic was 15%. Law360 has more on the survey here. Additionally, 34% of partners said their firms de-equitized partners in 2020, while 38% disclosed that their firms had asked partners to retire. ....
Pandemic has Twin Cities law firms stepping up efforts to downsize offices As leases expire, they seek smaller sites as COVID-fueled remote working takes hold. February 2, 2021 12:47pm Text size Copy shortlink: With the lease expiring in a year, Fredrikson & Byron President John Koneck set out to find a new headquarters, but knew he would need less office space than the current spot in U.S. Bank Plaza in Minneapolis. Earlier this month, Koneck signed a lease for 178,000 square feet of space in the RBC Plaza on Sixth Street. The nine floors have 27,000 fewer square feet than the firm s current offices, which now largely sits empty because of the pandemic. ....