TBA Law Blog


Posted by: Stacey Shrader Joslin on Feb 8, 2021

A new survey released last week found that 43% of law firm partners took a pay cut in 2020 directly related to COVID-19, the ABA Journal reports. Law360’s inaugural Law Firm Partner Compensation Survey: Partnership and Pay in an Unprecedented Year also found that nearly half of those partners said their salary was cut by 20% or more, and the median pay decrease due to the pandemic was 15%. In addition, 34% of partners said their firms de-equitized partners, while 38% said their firms asked partners to retire. A third of the respondents also said their firms were reducing physical space in light of COVID-19. Director of surveys for Law360 Pulse, Kerry Benn, says the results show that the pandemic has affected “a huge swath of the legal industry.” The survey was conducted from September to October 2020 at law firms with at least 25 attorneys. Read more from Law360 Pulse.