BigLaw firm offers buyouts to staff members
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Greenberg Traurig has offered voluntary buyouts to staff members at a majority of its U.S. offices.
The law firm said in a statement it has avoided across-the-board layoffs or pay cuts, notwithstanding the COVID-19 pandemic, report Above the Law, Law.com and Law360.
“However, as we now look forward and plan for our future, and what our clients’ and lawyers’ needs are likely to be, we felt remote working has made this program sensible at this time,” according to the statement.
The payouts will be 50% greater than the typical severance paid by the firm, according to Law.com and Law360. The law firm will also extend health coverage by six months.
Staff members eligible for the buyouts are legal assistants, administrative assistants, administrative clerks, file clerks, records clerks and hospitality assistants, according to Above the Law, which cites an internal memo that it obtained. Those who aren’t in those categories can request that they be considered for a buyout.
The payouts are based on years of service, according to the memo. The payout ranges from three weeks of pay for someone with the law firm for less than two years to 21 weeks for someone with the law firm for 30 years.
