Law Firms Look for Right Mix of Layoffs, Pay Cuts to Survive

The global coronavirus pandemic and its effects on the economy have pushed many law firms to make tough decisions about their futures that have increasingly included cuts in pay, layoffs, and furloughs.

Arent Fox, Baker Donelson, Cadwalader Wickersham & Taft, Goldberg Segalla, Reed Smith, and Womble Bond Dickinson announced this week cost-cutting measures to pull back on expenses as law firms face an uncertain future.

There will likely be more measures to come as firms look for ways to survive potential revenue loss in a changed market.

But the road map to survival isn’t as simple as just slashing personnel ...