Bryan Cave Leighton Paisner has announced a 13-week, 15 percent salary reduction beginning in May across its 31 offices for all employees earning salaries of more than $40,000.
The firm also will defer portions of its partner distribution payments in subsequent months to assure the firm’s financial stability during the COVID-19 pandemic.
The firm offered its workforce the options of taking sabbaticals at 30 percent pay or transitioning to part-time status as well.
Co-chairs Lisa Mayhew and Steve Baumer said in an April 8 news release that the firm posted increased revenues and productivity for the first quarter, and its practices around the globe are still busy. But the measures are necessary to protect jobs and improve the firm’s finances as the scope and duration of the crisis remain to be determined, they said.
“We know this is a very difficult time for our people, and we want to pull together for the benefit of our clients and the entire BCLP community. Our firm has decided to defer payment of portions of partner distributions as a first line of defense,” the co-chairs said. “By acting swiftly and decisively, we expect to maintain our strong financial footing. Taking these precautions now, and acting in the best interests of our firm and all our people, will position us well for the future.”
Bryan Cave Leighton Paisner is the largest law firm in Missouri by revenue, according to Missouri Lawyers Media’s MOney 2019 publication. The global law firm, formed by the 2018 merger of St. Louis-based Bryan Cave and London-based Berwin Leighton Paisner, employs more than 1,400 lawyers in offices throughout North America, Europe, the Middle East and Asia.