The deluge of bad news caused by COVID-19 continues. This time Cozen O’Connor, a firm ranked 73rd on the 2020 Am Law 100, has made their stab at austerity measures. The good news is that compared to many other top firms, these measures aren’t too severe.
According to reports, equity partners will have between 10 and 20 percent of their compensation deferred to later this year. Additionally, staff who are unable to work remotely — ~5 percent of administrative staff — have been furloughed. Firm CEO Michael Heller has said that furloughed employees will have benefits covered by the firm and should receive full salaries through the CARES Act.
That means associates and the majority of the staff remain unscathed by the austerity measures. And the firm has indicated they’re trying to avoid layoffs or salary cuts for these folks.
If your firm or organization is slashing salaries, closing its doors, or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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