More Good News From Biglaw Firms Not Cutting Back
Some firms are staying the course.
It’s been a few weeks since we did a roundup of firms that aren’t implementing austerity measures and with bad news dominating our coverage, we thought it was time to remind everyone out there that not every firm finds themselves struggling during the downturn. Frankly, we don’t get enough of these stories, so if your firm has issued a note of reassurance, let us know by email so we can acknowledge the firms that weren’t living on the knife’s edge of margins. We’ll be updating this piece as we see stuff.
Covington & Burling: The firm sent out a video explaining that there are no current plans to conduct either layoffs or compensation cuts to attorneys or staff and that the firm is well-positioned to weather an economic downturn. The message went further and reminded everyone that the firm didn’t need to perform any cutbacks during the last financial crisis, bolstering its credibility on this point.
Sidley: The firm was early on the work-from-home train and carried that over to resisting austerity measures. No layoffs or cuts on the horizon at this point. Additionally, the firm says it will pay summer associates for the number of weeks they agreed to work at Sidley and continue to offer a summer program even if it has to be online.
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Greenberg Traurig: Reports are that the firm is offering a good deal of transparency about the firm’s financial position and have assured attorneys that they will not lay off people there has been no word about salary cuts at this point. Greenberg Traurig got flack for not raising salaries in the past despite strong profitability numbers, but that also means the firm wasn’t operating on thin margins and can absorb the current hit.
Arnold & Porter: Oops. We forgot about Arnold & Porter. From National Law Journal:
No large cost-cutting measures at Arnold & Porter have been publicly reported. The Am Law 50 firm’s chairman, Richard Alexander, said in a statement it has “not announced any changes to our staffing levels or compensation.” A spokeswoman confirmed late in the week that no furloughs, layoffs or compensation cuts had been made among staff and attorneys, and there had been no reductions in partner draws or distributions.
Shearman: The firm informed everyone at the beginning of April that the partnership is not planning on cutting salaries or placing any staff/attorneys on furlough. This is made possible by the voluntary leave program, which is an “austerity measure” but one that’s designed to keep other cuts from happening, so there’s that.
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Reid Collins: The Texas-based firm embraced work-from-home protocols early on and have reassured lawyers and staff multiple times that there will not be layoffs or salary cuts.
Are there other firms who have reassured attorneys that we haven’t heard about yet? Send them in! Let’s have some good news around here.
Earlier: The Biglaw Firms Rolling Out Good News, For Now
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
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