Not Content With Staff Furloughs, Am Law 100 Firm Follows Up With Across-The-Board Pay Cuts
More bad news from this Biglaw firm.
The COVID-19 austerity measures continue in Biglaw. And even firms that were initially proactive about cost-cutting are finding themselves making additional cuts. Like Blank Rome.
The Am Law 100 firm previously confirmed to Above the Law that they’d “furloughed a small number of support staff” in response to the economic upheaval surrounding the global pandemic. Now tipsters report to Above the Law that there are also pay cuts for all remaining employees.
The firm has instituted a “temporary 15% compensation reduction” and unlike the furloughs, which were limited to staff, the salary hit impacts everyone as the firm’s statement reflects “[the pay cuts are] to be shared equally by our partners, associates, counsel, professional staff and assistants.” Here’s the firm’s full comments on the reduction in pay:
We have implemented certain measures across our firm to take a cautious and financially disciplined approach to the Covid-19 pandemic. We are instituting a temporary 15% compensation reduction throughout the entire law firm to be shared equally by our partners, associates, counsel, professional staff and assistants, and have temporarily furloughed a small number of staff, along with other operational expense-reduction measures. As always, our priority remains supporting our clients, colleagues and communities in which we live and work throughout this difficult time. In that regard, we will continue to focus significant efforts on supporting pro bono clients impacted by the Coronavirus and we will be maintaining our charitable commitments in order to assist those most in need during these uncertain times.
If your firm or organization is slashing salaries, closing its doors, or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).
If you’d like to sign up for ATL’s Layoff Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the layoff alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each layoff, salary cut, or furlough announcement that we publish.
Sponsored
Stuck Drafting A Tough Brief? This Tool Can Help.
Legal Knowledge Management To Drive Dealmaking
What Do Millennials Think Of Law Firm Life?
Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
Sponsored
What Do Millennials Think Of Law Firm Life?
The Global Legal News You Need, When You Need It
