Instant Insights / Making It Work: The Legal Profession in the Age of COVID-19
Chances are your life has been upended by the coronavirus pandemic, whether you’re a partner, associate, in-house counsel, student, professor or legal tech professional. As part of that legal community, you're also resilient, with inventive ways of getting the job done despite very difficult times. In this collection, Law.com reports on what you need to know to keep it all going and how you’re helping others during the crisis. You'll also find a roundup of the latest COVID-19 news affecting legal professionals.
'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.
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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