How Law Firms Mitigate The Economic Impact Of The Pandemic

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Major law firms have to take drastic measures to mitigate the economic impact of the coronavirus pandemic. One of the measures undertaken to control costs is the reduction of compensation payments across all levels of the firm. There are also plans to reduce the workforce which could affect 5% of the employees.

According to a Florida-based law firm, draws will be reduced by 12.5% on an annual basis for most of the partners, counsels and consultants. Partners with different compensation arrangements will have a 17.5% reduction in their annual fees. The compensation of associates will be reduced by 7.5% while the staffs with annual compensation of $150,000 or more will see a reduction of 7.5%. Staffs earning less than $150,000 will see a reduction of 5%.

Another law firm has called on its partners to contribute capital for financial protection. All associate and staff support pay have been frozen. The law firm’s annual salary reviews that normally takes places in the first quarter of the forthcoming financial year has been deferred. Bonuses of fee-earners and senior support staff that are scheduled for payment in July will be split into 2 payments. Several events have been cancelled including recruitment.

In order to avoid lay-offs and furloughs, a law firm has decided to impose temporary pay cuts for lawyers and staff who are earning more than $70,000 annually. Compensation reductions will help absorb the bulk of the pandemic’s financial impact.  Other voluntary options include adjusted hours, reduced hours and taking accrued service leaves.

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