Top law firms conduct layoffs, pay cuts, to preserve cash - Business Insider

New York-based Cadwalader Wickersham & Taft has told partners not to expect any distributions during the peak months of the crisis and is temporarily reducing pay.

At the international law firm of Greenberg Traurig, its executive chair Richard Rosenbaum said that he believed social distancing will lead lawyers to see how client work can be done remotely. That comment strikes at the tension facing many law firms in the coronavirus downturn, according to more than two dozen attorneys, consultants and recruiters Business Insider has spoken with aboutThe management decisions law firms make during the crisis are important because they affect howDuring the financial crisis in 2009, for instance, Latham & Watkins

"We are hopeful and expect that we can reinstate them as soon as their work levels approach norms again." At the international law firm of Greenberg Traurig, its executive chair Richard Rosenbaum said that he believed the social distancing component of the crisis will lead lawyers to see how client work can be done remotely, and therefore reduce the footprint of office space down the line.

Noah Heller, CEO of Katten Muchin, also saw how his own attorneys were adapting to the work-from-home mandate by using technology and interacting with clients through webinars and teleconferences, something that he thought could continue since it's gone well. "All of us who have the privilege of running a business realize that things are going to come out of this different," he told Business Insider in an interview.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tech incubator inside former US consulate helps cross-border startups - Business InsiderThe Bridge Accelerator Program gives companies along the US-Mexico border the skills to compete for contracts from multinational corporations.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Endeavor Planning Company-Wide Pay Cuts This Week, Avoid More Layoffs For NowEXCLUSIVE: Endeavor chiefs are telling staff today that there were will be companywide pay cuts ranging from 0-30% that will occur in the coming weeks, Deadline has confirmed. This is similar to a …
Source: DEADLINE - 🏆 109. / 63 Read more »

Business InsiderSubscribe to Business Insider's Telegram channel to be sent the day's top stories
Source: BusinessInsider - 🏆 729. / 51 Read more »

Saudi Aramco may sell pipeline unit stake for cash amid oil price rut - Business InsiderAramco is looking to raise capital ahead of $75 billion in dividend payments through 2020 and a planned $70 billion acquisition, Bloomberg reported. Didn’t they just raise an obscene amount of money in the largest IPO ever? Where’d that go
Source: BusinessInsider - 🏆 729. / 51 Read more »

Coronavirus 2020: Adtech firms get squeezed by advertising drops - Business InsiderAdtech firms were already bracing for sweeping consolidation, and now the coronavirus could accelerate that Click bait
Source: BusinessInsider - 🏆 729. / 51 Read more »

Disney exec Bob Iger, CEO Bob Chapek take salary cuts amid coronavirus - Business InsiderDisney's cost-savings measure comes as the media giant's stock slumps and operations face new hurdles due to the coronavirus pandemic.
Source: BusinessInsider - 🏆 729. / 51 Read more »