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It seems that COVID-19 austerity measures are the new normal for Biglaw firms of all stripes. From salary cuts to furloughs to layoffs, some of the nation’s most prominent law firms are doing what they can to protect their businesses from the economic fallout that’s been caused by the coronavirus outbreak.
The latest firm to make cost-cutting moves may be one of the wealthiest, but it’s still tightening its belt to weather the financial storm to come.
Numerous sources tell us that McDermott Will & Emery, currently in 30th place in the latest Am Law 100 rankings with $1,172,114,000 gross revenue in 2019, has been conducting layoffs. Both staff and associate positions have been eliminated, and Above the Law tipsters say entire departments have been gutted. We’ve been told that the latest cuts included associates, administrative assistants, paralegals, and long-term contract attorneys. In addition to the layoffs, some staff members have also been furloughed to a tentative July 2020 date.
We reached out several times to McDermott for comment, but have yet to hear back.
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.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.