Throughout the Biglaw COVID-19 cost-cutting measures it’s been clear that the most severe move — one most firms try to avoid — is layoffs. Unfortunately, not every firm is able to avoid letting folks go during the global pandemic.
As reported by Daily Business Review, Am Law 200 firm Greenspoon Marder has confirmed that, in anticipation of revenue shortfalls, they’ve instituted firmwide pay cuts and laid off employees. According to reports, 40 staff members and 5 attorneys have been let go.
Firm co-founders Gerry Greenspoon and Michael Marder had this to say about the cuts:
“There is no question that our firm, like every other firm in the country, will experience a loss of previously projected revenue as a result of this unmatched global business slowdown,” said Marder and Greenspoon. “As a result, our firm has decided to implement various cost-cutting measures in order to preemptively parallel this unexpected impact upon revenue with currently anticipated costs and expenses. It is our sincere and honest hope that many of these reductions will be temporary.”
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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