Ready for more news of Biglaw financial austerity? No? Too bad! Firms are trying to keep apace with all of the economic upheaval, and that increasingly means (smaller) cost-cutting measures now to ensure they can avoid calamitous results later.
At Am Law 200 firm Buchanan Ingersoll & Rooney, they’ve taken cost-cutting to employees’ paychecks. The firm has confirmed to Above the Law that they’ve “temporarily adjusted compensation across all levels.” Though the firm has been quiet on exactly how large the pay cuts are, tipsters at the firm report they’ve cut associate salaries by 5 percent and partners are taking an undisclosed but reduced share.
Joseph A. Dougherty, CEO & Managing Director at Buchanan Ingersoll & Rooney, had this to say about the austerity measures:
“Buchanan, like many businesses coping with challenges posed by COVID-19, is taking preemptive and responsible measures consistent with providing to clients the highest level of quality and service they expect. We have temporarily adjusted compensation across all levels.”
Let’s hope these rather modest austerity measures pay off and the firm can avoid layoffs or other, more severe measures.
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).
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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).