The thing about pandemics is, well, that they’re everywhere. That’s the whole “pan” part. Global law firms have unique challenges that impact the way they’re dealing with COVID-19 and the economic upheaval surrounding it.
Magic Circle firm Clifford Chance, which is the 7th largest in the world under the Global 200 index, is joining the COVID-19 austerity measures. So what is Clifford Chance doing? They’re deferring global partner distributions, salary reviews and raises are frozen, and while bonuses will be paid, the timing of said payments may be delayed. The good news is that the firm is not currently planning on any layoffs or furloughs.
The firm made the following statement about their cost-cutting measures:
“We are a strong and resilient organisation, with over five years of robust global growth behind us. Our teams are always a source of huge pride, they are fantastically talented, motivated and collaborative, and never more so since the virus has begun to spread.
Over the coming months our aim is to keep these teams together and to work shoulder to shoulder with our clients who need our support now more than ever.”
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).