Throughout the Spring, the ABA Journal has been tracking the steps that large and mid-size law firms have been taking to reduce costs because of financial uncertainty created by the COVID-19 pandemic.
‘More and more law firms are cutting salaries, reducing partner compensation, and furloughing or laying off employees because of the novel coronavirus.
…At last count, Above the Law and Law.com each listed more than 50 law firms total on their furlough and pay cut trackers.’
“What I would focus on if I were a managing partner is cash. Because when you run out of cash, the game is over,” MacEwen said. “And a big cash expense that is variable in the short-term is compensation and salary. So you almost have no choice but to look at that.”
Check back in over the coming weeks as our experts will be providing new insights to help plaintiff law firms thrive through the rest of 2020 and beyond.
