Agency additionally reverses US affiliate pay reductions
Hogan Lovells has reinstated lawyer and enterprise providers employees wage critiques following “robust efficiency” this summer time.
The worldwide agency confirmed it has additionally reversed its discount to US affiliate salaries by 10% in June this yr.
Hogan Lovells introduced in April that annual wage critiques and discretionary bonus funds because of associates within the UK in Might had been postponed, to be “reassessed later within the yr”, because of COVID-19. It should now conduct the overview throughout the course of September, and for enterprise providers employees, after the third quarter.
Selections for these eligible for bonuses on the finish of this calendar yr will probably be made within the regular course of enterprise, making use of the conventional requirements, a press release from the agency mentioned.
For fairness companions, the agency is retaining in place the present set of beforehand introduced lowered attracts, compensation, and deferred bonus funds by means of to the top of the yr. The present compensation discount for non-equity companions and senior counsel will probably be reviewed later within the yr.
Hogan Lovells CEO Miguel Zaldivar mentioned:
“Having appeared fastidiously at our work over the summer time, now we have seen a strong efficiency and now could be the time to begin a step-by-step strategy to reverse a few of the prudent measures we applied earlier this yr round compensation. It is a robust testomony to the work which now we have all been doing beneath very difficult circumstances and we’re wanting in the direction of a continued strong efficiency by means of to the top of the yr.”
Such “prudent” measures applied earlier this yr embody reducing the salaries of its newly-qualified (NQ) solicitors in London and Birmingham, and retaining second yr trainees on first yr salaries, as we exclusively reported in June.