Biglaw

Another Am Law 200 Firm Is On Board With Cost-Cutting Measures

Partners and staff are feeling the pinch here.

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It seems the list of Biglaw firms that have taken an ax to costs due to the economic uncertainty caused by COVID-19 just keeps growing and growing. It probably seems that way because it is true. Since mid-March, every day has brought more news of the austerity measures Biglaw is taking to navigate these troubled waters.

The latest report of Biglaw austerity measures is from Thompson Hine. In 2018, the firm made $221,026,000 in gross revenue making it 137th on the Am Law 200. Now, according to reports, Thompson Hine is “aggressively” cutting its non-payroll expenses. The firm has also slashed quarterly partner draws by 15 percent. Staff compensation has also taken a hit of 1.7 percent, annualized.

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.

headshotKathryn 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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