'There Isn't Going To Be a Magic Formula': How One Am Law 200 Firm Is Calibrating Cuts
Sullivan & Worcester managing partner Joel Carpenter said the firm's actions—including temporary pay cuts and some furloughs—is based on a 40% drop in revenue that he hopes won't come to pass.
April 07, 2020 at 05:52 PM
4 minute read
The original version of this story was published on The American Lawyer
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.
All of the cuts are temporary, Carpenter said, with the firm anticipating it will lift the measures in 90 days, if not sooner.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Law Firms Mentioned
Trending Stories
- 1BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 2First Lawsuit Filed Alleging Contraceptive Depo-Provera Caused Brain Tumor
- 3The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 4The Growing Tension—And Opportunity—in Big Law Nonequity Tiers
- 5The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250