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Freshfields, Blank Rome, Brown Rudnick take steps to conserve cash

Caroline Spiezio  

Caroline Spiezio  

(Reuters) - Freshfields Bruckhaus Deringer, Blank Rome and Brown Rudnick are the latest law firms to take steps to conserve cash as the coronavirus pandemic brings economic uncertainty.

Freshfields is suspending partner pay for its current financial quarter, which ends this month, and freezing pay and delaying bonus decisions for all employees, it confirmed on Tuesday.
 
”We are focused on supporting our people and continuing to serve our clients as we all adapt to the social and economic uncertainties. We are managing our business responsibly and will continue to invest in our business for the long term,” the firm said in a statement.
 
London-based Freshfields is one of the largest law firms in the world by revenue. Its website lists more than 2,000 attorneys on five continents. Legal industry publication Law.com first reported the news.
 
Philadelphia-based Blank Rome on Tuesday said in a statement that it is temporarily cutting pay by 15% for partners, associates, counsel, professional staff and assistants, and that it has temporarily furloughed a “small number of staff.” The firm has more than 600 attorneys and advisors, according to its website.
 
Boston-based Brown Rudnick, which has more than 250 lawyers, has reduced associate pay by 7.5% for the year, spokesman Paul Liu said in an email on Tuesday. He said that partners “are taking the biggest financial burden with reduced draws,” but declined to say how much draws have been cut.
 
Earlier this week, Sullivan & Worcester’s managing partner Joel Carpenter said that firm has furloughed some staff and cut salary for many employees and draws to partners. Bremer Whyte Brown & O’Meara partner Jeremy Johnson on Monday said that firm had laid off some associates and staff.
 
Other firms had previously announced pay cuts, furloughs, or both due to the pandemic, including Venable, Baker Donelson, Cadwalader, Wickersham & Taft and Allen & Overy.

To keep up-dated on the latest news and information regarding the COVID-19 pandemic, the economic impact, and the government’s response, at Thomson Reuters’ COVID-19 Resource Center, and you can follow Reuters.com or the Reuters App.

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