Reply to Anyone in biglaw get a pay cut?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Do these firms think no one notices that they have not even given this sufficient time to determine whether there is an actual downturn in their business?

What other businesses that have remained open and operational have instituted paycuts and layoffs? Are they that risk adverse that they cut everyone based on what might happen?[/quote]

You kind of need to get a clue.  Clients are vanishing and blowing up.  The whole country is becoming impoverished and unemployed . . . so yeah, there is going to be price pressure on lawyers and massive layoffs.[/quote]

If the firms are requiring contemporaneous entry of billable hours, they can track pretty much in real time how much their revenues are falling off.  And I think they are falling of quite a bit already, and most people realize that there's going to be a long term impact as the clients go belly up.  [/quote]

OP here. we had an office partner meeting yesterday (by telephone, of course).  managing partner stressed (again) that we should enter our time regularly, each day if possible.  he said that the firm is tracking hours pretty regularly and that if hours fall off a cliff, we "may have to make decisions we don't want to have to make."  although that will have to be done even if hours remain steady but clients quit paying, which is another thing the firm is watching closely.

To a point made earlier, I also initially thought the firms immediately cutting pay and laying off were jumping the gun, but I would be downright shocked if there isn't a huge and devastating impact on biglaw (and the economy generally) from all this - one that takes years to recover from.[/quote]

Whether they were jumping the gun or not, coronavirus will be used as an excuse to unload unproductive associates, older partners with shrinking books, etc....  This is how it's always been, and how it will always be with big law (and with big corp for that matter).  The only major difference is what a PP mentioned, big law might use the current situation as a way to reset compensation that crept up over the past 10 years of the bull market (since 2008).
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