Am Law 200 Firm Takes Carving Knife To Salaries
Yet another Biglaw firms is cutting salaries to get through the tough times.
Above the Law is writing a lot about Biglaw COVID-19-induced austerity measures, because, well, they are tearing through the Biglaw ranks. Plus, you know, transparency is paramount and folks are eager for information as they try to figure out exactly what is going across the industry.
Well, we’ve got some more news for you. Yet another Am Law 200 firm has determined that, in order to survive the economic upheaval surrounding the coronavirus, they’ll need to take some cost-cutting measures. According to tipsters, earlier this week, Fisher Phillips announced what steps they’re taking to improve cash flow at the firm.
Tipsters report that at Fisher Phillips, there are salary cuts across the board with no end date currently announced. Associates and salaried staff have had their paychecks cut by 20 percent. Hourly staff member have had their hours cut by 20 percent, and those who are unable to work remotely have been furloughed. Partners have also taken a pay cut, though the exact amount is unknown.
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Hopefully, these measures will be enough to help the firm pull through the tough times.
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.
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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).
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