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. (more…)