(Reuters) - Dentons, Day Pitney and Buchanan Ingersoll & Rooney on Thursday announced they are delaying or cutting pay, the latest law firms to take steps to conserve cash due to the coronavirus pandemic.
Dentons, the world’s largest law firm, said in a statement on Thursday that it has “adjusted the timing of bonus payments for our lawyers” in the U.S.
”Like many firms, we confirm that Dentons US is undertaking proactive steps to ensure the continued financial security of the Firm and our people,” the firm said in its statement.
Dentons has more than 1,100 lawyers and professionals in the U.S. and more than 10,000 lawyers worldwide, according to its website.
Day Pitney, which has nearly 300 attorneys in 13 offices on the East Coast, is cutting pay by 15% for all attorneys and some staff, and reducing hours by 40% for other staff while its offices are closed, it said in a statement on Thursday.
The firm is also reducing partner draws by between 15% and 42% and suspending its April supplemental distribution, its managing partner Tom Goldberg said in an interview on Thursday.
Pittsburgh-based Buchanan Ingersoll & Rooney has “temporarily adjusted compensation across all levels” as a “preemptive and responsible” measure to prepare for the economic challenges posed by the pandemic, its chief executive officer and managing director Joseph Dougherty said in a statement on Thursday.
Adjustments will be made “on a varying scale,” the firm’s spokeswoman Ela Friel said in an email to Reuters on Thursday. The firm has 450 attorneys and government relations professionals, Friel said.
On Wednesday, Orrick, Herrington & Sutcliffe had announced it is pushing back the start date for its incoming first-year associate class to January 2021, cutting pay across the firm and reducing hours for some staff, due to the coronavirus crisis.
Many firms including Allen & Overy, Cadwalader, Wickersham & Taft, and Venable had previously announced pay reductions.