The COVID-19 crisis has inflicted financial trauma on parts of the U.S. legal industry with unprecedented speed, with some law firms considering—or already beginning to implement—everything from pay cuts to layoffs to insulate their businesses from the worst of the economic fallout.
Industry consultant Eric Seeger said he spoke this week with a major litigation firm that said everything was on the table—laying off staff, pausing partner draws, cutting staff salaries, and culling underperforming lawyers and practice groups.
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