It’s Monday, and yup, it’s still a terrifying time to be alive. There’s just a crap ton of uncertainty right now, both health-wise and financial, and it is hell on everyone’s anxiety.
Some Biglaw firms feel you. And rather than let you linger in the unknown and fall back to opacity, they’re giving associates a heads-up about the firm’s financial condition — and it’s good news.
The first firm Above the Law heard was reassuring associates was Cahill. But since then our tipster network has reached out with even more encouraging tales.
Weil:
Weil told associates in a townhall that layoffs, furloughs, and pay cuts are not on the table. Associates will get a reimbursable tech budget of 250. Most importantly, Weil is still paying its contractors, cafeteria staff, etc. while the offices are closed.
Latham:
Latham (Chicago) has repeatedly reassured us in video calls that leadership is not discussing cuts or layoffs and that we are extremely well positioned.
Quinn:
Quinn has assured (for now) there will be no layoffs, no salary cuts, no furloughs. Tech stipend provided. Very caring and comforting messaging.
Shearman:
Shearman had a firm wide call this morning, saying that we are in good financial standing and that the firm has frozen promotions and raises, but does not plan on any furloughs or salary reductions
Perkins Coie:
Perkins Coie made similar assurances to associates as Cahill Gordon on a call yesterday. The executive committee members on the call touted our strong balance sheet and diverse set of clients and practice groups to help weather this slowdown. Partners are apparently delaying their distributions for now.
Morrison Foerster:
Re big law layoffs: MoFo has also been touting its financial stability to associates. Although the firm isn’t as explicit as Cahill, the messaging is clear: the firm had a huge year last year, a big first quarter, prepaid a bunch of expenses this year last year, and hasn’t touched its line of credit in nearly a decade.
Fried Frank:
Honestly was so relieved when this email landed in my inbox. He has been so honest and open with us through all this. So grateful.
Vinson & Elkins:
Vinson & Elkins had a conference call with associates Friday morning and made assurances that no layoffs/furloughs or reductions to base pay are contemplated as of now.
What is your firm doing doing during these difficult days? Are they assuring the safety of your job? Or are they 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).