The Pandemic has caused massive shifts in business operations throughout the globe. Here are some examples of how some US law firms have been adjusting.
Sullivan & Cromwell, a highly accomplished international law firm headquartered in New York City, recently announced layoffs of 50 staff members, as reported by the New York Law Journal.
Simpson Thatcher, another top firm, has sued its landlord for an $8M rent abatement action, as also reported by the New York Law Journal. Simpson Thatcher has alleged their lease entitles the firm to a rent abatement since they cannot use their offices for at least 60 days due to “force majeure events… [which] include circumstances where the government steps in and preempts the tenant’s right to occupy its space related to a national or public emergency.”
As reported in The American Lawyer, several law firms, such as Allen & Overy, have asked partners to contribute capital. The firm also began reducing partner profit distributions as well as freezing associate and support staff pay. Baker Botts is instituting pay cuts for salaried staff earning greater than $70K. Baker & Hostetler announced they are cutting compensation: lawyers by 15 to 20%; associates and staff by 10%.
Tough times. RapidFunds has provided funds for plaintiffs’ lawyers nationwide for the last 17 years. Give me a call or send me an email, and let’s see if we can help your firm through this global crisis and well beyond.
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