(Reuters) - More law firms on Thursday announced measures aimed at cutting costs or otherwise mitigating the fallout of the coronavirus crisis, with Squire Patton Boggs canceling its 2020 summer associate program and Katten Muchin Rosenman saying it will cut pay for its lawyers and furlough some employees.
Squire Patton Boggs on Thursday said in a statement that the firm will make offers to students who had planned to be part of its summer 2020 associate class and give them a stipend.
The law firm, which was founded in Cleveland and has more than 1,500 lawyers according to its website, cited health and safety concerns as the reason for the cancellation.
Katten, which was founded in Chicago and has approximately 600 attorneys, on Thursday said its equity partners have deferred all of their compensation for April and May. The firm also said that starting May 1st, it will cut salaries for attorneys and business professionals making more than $100,000 a year by 20%, though no impacted individual’s income will be reduced to below $100,000.
Some business professionals and fewer than five attorneys will be furloughed on May 1, the firm said. Those impacted will receive money from a fund started by the firm to supplement unemployment benefits, the firm said.
”Our actions are designed to share the burden of our cash-saving measures across the firm and lessen the impact felt by everyone,” the firm said in a statement on Thursday.
More than 70 law firms have since mid-March announced changes such as shortened or canceled summer programs, furloughs or pay cuts due to the coronavirus pandemic, which has shuttered courts and businesses nationwide, drying up deal and litigation work.