While the onset of the COVID-19 crisis undoubtedly sent shockwaves throughout the United States economy, some mid-size law firms have recently made a return to normal – restoring pay cuts and looking cautiously optimistic at the year ahead. Following an announcement of its decision to fully restore firmwide pay cuts to their pre-pandemic levels, Foster Garvey’s co-chair, Diana Shukis, spoke with The Mid-Market Report about the firm’s decision and demand outlook.
Shukis called the firm’s austerity measures, together with its PPP loan, a “stabilizing force.” She added the move forward with salary restorations was based on a “trend of strong financial results” and “levels of work increasing.” In particular, she said, the firm saw strong activity in billable hours and revenue, which was “considerably better than expected and really very close to the pre-pandemic levels.”
“We are still seeing strong demand. A number of our clients are getting back to business,” Shukis said about year-end collection time. “We anticipate continuing to see strong demand.”
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