The only thing you can do is cut costs and the number one cost is people. I imagine that some firms are going to find themselves in uncomfortable situations now and I just think that the reality is the longer this goes on the more cuts we’re going to see.
— Bruce MacEwen, owner and principal at law firm consultancy Adam Smith, Esq., commenting on the likelihood that more people, lawyers and staff alike, will lose their jobs at Biglaw firms the longer the coronavirus crisis continues. According to an analysis performed by Bloomberg Law, 48 of the top 100 firms in the country instituted austerity measures due to the pandemic, be they equity partner payment reductions or delays, attorney and staff salary cuts, furloughs, or layoffs.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.