Hogan Lovells to reverse salary cuts and reinstate pay reviews
updated on 10 September 2020
Hogan Lovells has revealed plans to reverse salary reductions at its US office and reintroduce pay reviews in the UK, despite the damaging impact that coronavirus has had on the economy and the legal profession.
Responding to the virus outbreak earlier in the year, the firm’s associates in the US, Mexico and Brazil received 10% pay cuts in June, and associates and counsel in London had their pay reviews suspended.
However, the international firm has since reversed its “prudent” measures with UK pay reviews to take place in September. The outcomes will apply retroactively to 1 May.
Meanwhile, the firm’s equity partners will face reduced draws and bonuses until the end of 2020 at least.
Hogan Lovells displayed “solid performance” over the unprecedented 2020 summer, according to Chief Executive Miguel Zaldivar. “Now is the time to start a step-by-step approach to reverse some of the prudent measures we implemented earlier this year around compensation”, he said.
