This is big. After all, only 10 firms in the entire country are bigger than Norton Rose Fulbright; they had $1,969,315,000 in 2018 gross revenue, making them number 11 on the Am Law 100 ranking. But despite that size and might, the firm still finds themselves in need of cost-cutting measures because of COVID-19. And not just salary cuts, which may firms see as a prudent move to help with cash flow as opposed to a permanent change in compensation, but we understand layoffs are also part of their austerity plan.
So, let’s get to the details we know. Above the Law tipsters report Norton Rose Fulbright announced a 15 percent salary cut in the U.S. The compensation cut applies to all salaried non-partner attorneys and staff, except those making under $50,000. As of now, the pay cuts will start April 30 and are expected to last through September 30. As a tipster noted, “However, they’ve not cut their summer program nor ceased hiring new attorneys. There is no reduction in required billable hours or change in bonus metrics.”
We’ve also received information from multiple sources that the austerity measures at the firm have included layoffs — characterized by one tipster as “the WORST PART.” According to those at the firm, both staff and attorneys were impacted by these layoffs, but exactly how many folks find themselves out of work was something Norton Rose refused to disclose.
The firm has already moved to four-day work weeks for staff in the Europe, the Middle East, and Asia offices of the firm.
We reached out to the firm for comment, but have yet to hear back.
Best of luck to those who find themselves out of work in the middle of a pandemic.
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.
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).