Another day, more COVID-19 austerity measures.
The latest firm Above the Law can report is making cost-cutting moves amid the global pandemic is Vedder Price. The firm made $257,000,000 in 2018 gross revenue making it 121st on the Am Law 200, but as we’ve seen time and again, a history of high revenue numbers doesn’t stop the new coronavirus reality.
According to tipsters, the firm made a 4 percent reduction of force, and attorneys, staff, and paralegals all found themselves out of work. Partners also took a 20 percent cut on their draws, the summer program has been shortened, and the new associate class slated to start at the firm in the fall has been pushed back until January 2021.
When reached for comment, a spokesperson provided the following:
Vedder Price has taken measures in response to the ongoing COVID-19 crisis. We reduced our workforce by 4% in areas where utilization was most impacted by the remote work environment, and provided each affected person with severance plus healthcare coverage through September. The Firm’s shareholders/owners also proactively reduced their current pay by 20% to bear the financial brunt of the crisis. Finally, we shortened the duration of our 2020 summer program and deferred the start date of our incoming 2020 first year associate class to January 2021.
Best of luck to those laid off during these tough times.
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).