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We’re seeing more austerity measures brought on by the economic ramifications of the novel coronavirus sweeping the globe in the legal industry. Even Biglaw firms find themselves in need of cost-cutting measures to maintain their cash a-flowin’.
The latest firm that’s doing COVID-19 austerity measures is Dinsmore. The firm had $250,888,000 in 2018 gross revenue making it 124th on the Am Law 200. According to multiple tipsters, the firm has laid off and furloughed attorneys and staff in response to the economic upheaval.
Above the Law reached out to Dinsmore and they provided the following statement, confirming the cuts:
“The firm continues to have a strong pipeline of work. That said, we recognize that the economic impact of COVID-19 is evolving quickly, and in order to anticipate its future impact, we have taken swift and prudent measures. We immediately deferred a portion of partner distributions, made a small number of layoffs and are temporarily furloughing some staff, along with other expense-reduction measures. We believe these measures will help to preserve the firm’s financial position and do whatever is necessary to protect jobs. In the meantime, we remain focused on serving our clients and guiding them through the disruption caused by the pandemic until the situation stabilizes.”
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).