Another Firm Announces Cuts To Salary Amid COVID-19 Economic Downturn
COVID austerity is the new normal.
Layoffs and furloughs and salary cuts, oh my!
It’s been one of those days. The ravages of the novel coronavirus continue across the U.S., impacting both the health and financial stability of the country. Law firms — even those that consider themselves well-positioned — are feeling the pinch.
So, what’s the latest economic downturn news in the legal industry?
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Fifteen percent salary reductions, that’s what’s going on at IP boutique Fross Zelnick. And partners are taking an even bigger (though the specific threshold is undisclosed) hit to their payday. The firm has framed the cuts as temporary, but as they say in an honest firmwide email, no one is able to predict at this point when we’ll return to normal.
Read the firm email below.
[pdfjs-viewer url=”https://abovethelaw.com/wp-content/uploads/2020/04/IMPORTANT-ANNOUNCEMENT-FROM-EC-CONFIDENTIAL-1.pdf”]
Hopefully, these measures mean the firm won’t be forced to layoff any employees.
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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.
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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