Anyone in biglaw get a pay cut?

[Anonymous]

I’m a partner at a vault-ranked firm (50-60 range) and we have an all partner web meeting tomorrow. Office managing partner just emailed that there are telephonic meeting for support staff and associates Monday.

I don’t think there’s any way there isn’t a pay cut.

[Anonymous]

Real or fake partner?

[Anonymous]

Focus on keeping your job as layoffs are ahead for law firms. Paycuts are a given if you manage to keep your job.

[Anonymous]

Be sure to update us tomorrow!!

[Anonymous]

I'm at a mid-sized law firm in Northern CA. We've been having firm-wide meetings (separated into section leaders, COVID Team, partners, staff) via Webex almost once a week.

Things are changing multiple times a day, and we keep changing policy to adjust. Nobody has been laid off, and there have been no pay-cuts. Right now, only our coffee attendants and some of the copy room has been furloughed.

[Anonymous]

Well I’m sure you’re grossly overpaid, so you should be prepared for a pay cut. I’m sorry, but there are people with real problems, financial and otherwise.

[Anonymous]

Firm is doing great. Hopeful anecdote. Delayed distribution. Cuts to summer program. Hiring and lateral freeze. Considering reducing associate pay. Poor, poor outsourced staff. Get your hours in and your bills out. Firm is doing great.

[Anonymous]

Law 360 reported that Blank Rome (15% across the board), Winston & Strawn (50% reduction in partner draws) and Brown Rudnick (undisclosed pay cuts across the board).

[Anonymous]

Anonymous wrote:I'm at a mid-sized law firm in Northern CA. We've been having firm-wide meetings (separated into section leaders, COVID Team, partners, staff) via Webex almost once a week.

Things are changing multiple times a day, and we keep changing policy to adjust. Nobody has been laid off, and there have been no pay-cuts. Right now, only our coffee attendants and some of the copy room has been furloughed.

So the partners and associates are still making full comp, but the lowest paid people at the firm have been furloughed?

Lovely. And by lovely I mean disgusting.

At my AmLaw 50 firm, the equity partners have been the first, and thus far only, people to take pay cut.

[Anonymous]

Anonymous wrote:Law 360 reported that Blank Rome (15% across the board), Winston & Strawn (50% reduction in partner draws) and Brown Rudnick (undisclosed pay cuts across the board).

Winston & Strawn has been struggling financially for a decade. I’m not sure anything that’s happening there is indicative of the market more broadly.

[Anonymous]

Back in the 2008 recession, my firm did layoffs (I think about 10%) and a 10% cut. Given that this recession will be worse, I would expect more layoffs and bigger cuts. I project an average of 25-30% lay-off and a cut of about the same for those who remain.

[Anonymous]

My firm (20-30 range) has a global town hall today. Partners didn't get a draw this quarter and I'm thinking this will be layoffs, but I'm stupidly optimistic they'll start with paycuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm at a mid-sized law firm in Northern CA. We've been having firm-wide meetings (separated into section leaders, COVID Team, partners, staff) via Webex almost once a week.

Things are changing multiple times a day, and we keep changing policy to adjust. Nobody has been laid off, and there have been no pay-cuts. Right now, only our coffee attendants and some of the copy room has been furloughed.

So the partners and associates are still making full comp, but the lowest paid people at the firm have been furloughed?

Lovely. And by lovely I mean disgusting.

At my AmLaw 50 firm, the equity partners have been the first, and thus far only, people to take pay cut.

It’s unfortunate, but if the offices are empty, how would you propose the coffee attendants work from home? I’m a lawyer and in my practice I could be busier than ever. I’ve had to request several extensions because I can’t get a full day in with the kids at home but there is plenty of work to go around, at least in my practice group.

[Anonymous]

Anonymous wrote:Firm is doing great. Hopeful anecdote. Delayed distribution. Cuts to summer program. Hiring and lateral freeze. Considering reducing associate pay. Poor, poor outsourced staff. Get your hours in and your bills out. Firm is doing great.

So is ours. The concern is next fiscal year, not this one. Our clients won’t have the cash to pay the bills.

[Anonymous]

This is a tough one to predict. I could see how firms with robust employment law practices would be swamped. When the alarm bell rang from clients asking wtf do we do, those are the attorneys who got the call.