Baker, Donelson, Bearman, Caldwell & Berkowitz is the latest large firm to announce pay cuts and furloughs in a move to reduce expenses amid a sharp downturn in business activity from the new coronavirus pandemic.

The 700-lawyer, super-regional firm, based in Tennessee, announced Wednesday that it has temporarily reduced draws and salaries for shareholders to weather the crisis, and that it will make a further temporary pay cut firmwide. It will also furlough some employees “over the next few weeks,” according to a statement from the firm.

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