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A typical reduction is in the range of 30 percent. I will be surprised if at least 80 percent of the top 200 firms in the U.S. have not made such a move by April 15th.
— Law firm management consultant Patrick McKenna, commenting on the likelihood that more Biglaw firms will cut partner draws and distributions, including draws for retired partners, thanks to the coronavirus crisis. McKenna says that quite a few firms have already reduced partner draws. Click here to see the ones we know about.
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.