(Photo: Andrey_Popov/Shutterstock.com)More Am Law 200 Firms Cut Costs to Ride Out Economic Downturn
Clark Hill, Loeb & Loeb and other Am Law 200 firms have looked to cut costs by canceling summer associate programs, instituting furloughs or cutting pay.
April 02, 2020 at 06:36 PM
3 minute read
The original version of this story was published on The American Lawyer
More firms are taking action to cut costs—including reduced partner draws, pay cuts, furloughs and canceled summer associate programs—as they adjust to a global economic slowdown related to the COVID-19 pandemic.
The firms include Clark Hill; Loeb & Loeb; Curtis, Mallet-Prevost, Colt & Mosle; Norton Rose Fulbright; and FordHarrison.
Clark Hill, based in Detroit, has instituted cost-saving measures including a pay reduction for attorneys and staff, a freeze on discretionary spending and a revision of certain benefits, according to a statement provided Thursday by the firm. The firm also furloughed some employees.
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