Joining a parade of law firms that have adopted cost-cutting measures to mitigate the financial fallout from COVID-19, Sullivan & Worcester managing partner Joel Carpenter told the firm this week that it would adopt several austerity measures in the months ahead.
In addition to general discretionary expense cutting, Carpenter said the Boston-based firm has furloughed a number of employees for 90 days with full benefits, and it has instituted temporary pay cuts across much of the firm. Employees making less than $66,000 per year will not be affected, while staff members making above that amount will see a 5% reduction in salary. Non-equity partners will see a 10% reduction, while equity partners will see a 20% decrease from their monthly draws.
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