Legal Business reports on what will become an increasingly familiar narrative in the upcoming months
LB report…..Cadwalader, Wickersham & Taft has become the latest firm to take drastic financial measures as the Covid-19 pandemic reaches new heights – suspending partner pay and cutting salaries elsewhere.
The move comes as the number of confirmed cases of the virus in the US soared to nearly 200,000 today (1 April) and the number of deaths reached 4,000. Cadwalader will stop paying partners, reduce associate salaries by 25% and impose pay cuts of 10% to 25% on staff to mitigate the economic impact of the crisis as it hits businesses around the world.
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Cadwalader’s measures will take effect today and will last for four months. According to Above the Law, managing partner Patrick Quinn said in an internal note that firm leadership placed a high priority on protecting the jobs of staff, both?legal and non-legal and so the first priority was to do its best to avoid any?layoffs.
Full report at https://www.legalbusiness.co.uk/blogs/us-worst-hit-as-cadwalader-becomes-latest-firm-to-respond-to-covid-19-with-pay-cuts/
