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Manatt, a Biglaw firm with $313,200,000 in 2018 gross revenue making it 107th in the Am Law 200, finds itself in a similar position as many of its peers. The economic uncertainty surrounding the novel coronavirus sweeping the globe is weighing on firms, and they’re looking for ways to cut costs and preserve cash flow until this whole mess (hopefully) blows over. In Biglaw, one of the go-to methods to trim costs has been to slash salaries, and it looks like Manatt is on board with this approach.
According to tipsters at the firm, Manatt has cut the paychecks of all attorneys by 20 percent — annualized to a 13 percent pay cut. Certainly not as severe a pay cut as some firms have undertaken, but also a far cry from those that have managed to get by without any austerity measures. Hopefully, this will be the only cut the firm needs to make to get through the COVID-19 craziness.
We reached out to the firm for comment, but have not yet heard back.
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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).