Cadwalader Wickersham & Taft will stop paying partners, cut associate salaries by 25% and impose pay cuts of 10% to 25% on its staff in response to the coronavirus crisis and its impact on the economy, according to a firm memo on Tuesday.
The 380-lawyer firm, which recorded profits per equity partner of $3 million last year, is the latest to look for places to cut back amid concerns about the COVID-19 pandemic and its economic fallout. The firm’s memo said the cost-saving measures would go into effect Wednesday and would likely last for four months.
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