Cutting partner draws by as much as 50% in the near future is one option Am Law 100 firm leaders are considering to ensure the financial viability of their firms as the new coronavirus, and the stay-home orders intended to help slow its spread, continue to affect the economy.
Kent Zimmermann, a consultant at Zeughauser Group, said he spoke with the chairs of multiple Am Law 100 firms on Tuesday who said they are “close” to cutting partner draws within the next 30 days by as much as 50%, depending on their firm’s revenue forecast for the next few months. He said some firms are predicting a modest revenue decline over the next few months, while others are looking at a drop-off in the 50% range, he said.
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