To purchase a reprint of this article, contact reprints@thedailyrecord.com. Sullivan & Worcester managing partner Joel Carpenter told LAW.com that the money from the PPP loan allowed the firm to avoid deeper cuts.“The first thing the PPP loan enabled us to do was to limit the austerity measures to the ones described before,” Carpenter said. Hughes Hubbard & Reed LLP confirmed Tuesday that it cut salaries and laid off an undisclosed number of associates and staff, despite obtaining a loan as part of the federal government’s COVID-19 relief efforts. By: Steve Lash Daily Record Legal Affairs Writer July 6, 2020 Backed by the power of Employment Research Institute, there is no other publisher in the world more uniquely qualified to write to, and for, legal professionals. Subscribers to The Daily Record can access the digital edition archive. By: Steve Lash The AM 200 law firm with gross revenue of $288,100,000 in 2019, was one of the 45 big law firms who applied for loans worth between $5 million and $10 million meant to save jobs during the economic standstill caused by the pandemic. The firm also parted ways with six chief or director-level personnel including directors of global business development, knowledge management, internal auditing, legal personnel hospitality services, and global contracts and special projects ― although it’s unclear whether their departure was linked to the layoffs. MKOS PROPERTIES, LLC v. BRADLEY W. JOHNSON & NANCY L. JOHNSON, Law Digest -- US Court of Appeals for the 4th Circuit -- Nov. 19, 2020, Notices - N., BRAEDEN vs. Herrera, Marcos R, YOUR CALIFORNIA PRIVACY RIGHTS/PRIVACY POLICY, Md. We, like other firms, have made some difficult decisions on staffing to address the current environment. At least 40 firms received loans worth between $5 million and $10 million, and only five law firms obtained funds between $2 million and $5 million. The personal […], 2020 State of the Lateral Law Firm Market. Holland & Hart is Latest Big Law Firm to Walk Back COVI... Arizona Allows Nonlawyers Ownership of Law Firms, Am Law Firms Laid Off at Least 50 Employees, Big Law Firm Launches Voluntary Associate Deferral Program, Holland & Hart is Latest Big Law Firm to Walk Back COVID-19 Salary Cuts, Debevoise & Plimpton, Sullivan & Cromwell, and Simpson Thacher & Bartlett Roll Out Special Fall Bonuses, Washington, D.C. Approves Limited Diploma Privilege Amid COVID-19 Pandemic, The Associate COVID-19 Bonus War is Heating Up as More Law Firms Announce Special Bonuses, Law Schools Across the Country Are Honoring Ruth Bader Ginsburg, Davis Polk Adopts Modified Lockstep Partner Pay Model, Law Deans Urge California Supreme Court to Administer an Open-Book Bar Exam Without Remote Proctoring, California Law School Accreditation Requires Forty Percent Bar Exam Passage Rate, Lesson to All: Lock Up Your Kitchen Knives, Two States Postpone Online Bar Exam Due to Tech Issues, Young Attorneys Delay Marriage and Kids Due to Student Debt, How to Write the Perfect Personal Statement. Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. “I think it has heightened an awareness that the traditional model may not be what we are going to see as having the most success going forward.”, Junior Partner level Corporate and Securities Attorney. 18 in the Am Law 100 with gross revenue of $1,467,398,000 in 2019, has laid off and offered buyout packages to roughly 50 employees across several departments at the firm, several sources told LAW.com. As it turns out, the Wall Street firm is not alone in laying off employees and cutting back on costs. Most Law Firms Will Shorten Their Summer Programs, NALP Stud... Are You Retiring? The personal […], 2020 State of the Lateral Law Firm Market. Furloughs could become law firm layoffs, report says, Young, Black, Homegrown & Leading in Baltimore, Excellence in Construction and Real Estate, Md. Day Pitney announced that it will cut pay by 15% for all lawyers and some staff on April 8. They can also buy the law firm time to put its house in order without calling attention to itself. Many managing partners of BigLaw have had a pleasant surprise. Some firms, though, are starting to roll back austerity measures as revenue performance outpaced initial expectations. Your email address will not be published. That’s why law schools require a personal statement – to learn about the applicant beyond the numbers. Sullivan & Cromwell, one of the most prestigious BigLaw firms in the country, has reportedly laid off employees in multiple departments, according to a well-sourced report by Law.com. Welcome to Monday, the 37th anniversary of the U.S. Supreme Court’s Arizona Governing Committee v. Norris decision that Title VII of the 1964 Civil Rights Act prohibits states from discriminating on the basis of sex in providing retirement benefits. He joined the newspaper in 2008 after spending nearly 20 years covering the U.S. Supreme Court and legal affairs for several publications, including the Houston Chronicle, Cox Newspapers, Chicago Daily Law Bulletin and West’s Legal News. LITIGATION PARALEGAL (Bonuses now paid out at 100% .) Above the Law posted on October 26 that Kirkland & Ellis has quietly been conducting layoffs.. Global Law Firm Allows Lawyers to Work Remotely 40% of Time. small retailers diversify, innovate as they enter critical sales season, Home Depot agrees to $17.5M settlement in 2014 data breach, Dow moves past 30,000 points on vaccine hopes, Biden transition. Steve Lash covers federal and Maryland appellate courts and the General Assembly’s judiciary committees for The Daily Record. The firm was the first to refuse to offer special fall bonuses to associates, which begged the question of why K&E was unwilling to share the wealth in a supposedly banner year. Pay freeze. Job Description Schiff Hardin received a $5 million to $10 million loan on April 6. Prager Metis. Junior Partner level Corporate and Securities Attorney. JUA’DREK ADDISON v. BALTIMORE SCHOOLS ASSOCIATES, LLLP, et al. The white-shoe Wall Street giant, ranked No. Prepare Yourself for a Happy Retirement. Prior law firm expe... Washington, D.C. Approves Limited Diploma Privilege Amid COV... Law Deans Urge California Supreme Court to Administer an Ope... July Bar Exam Scores Are Better Than Ever, Florida Supreme Court Rejects Diploma Privilege. high court orders review of mental health reports in abuse case, DeWolfe seeks suspension of misdemeanor proceedings, Md. Immediate opening: Downtown law firm seeking ex... Flores, Tawney & Acosta PC is seeking a new to 4-year attorney to join its growing plaintiff’s... Seeking a full time legal secretary in a small firm located at the Jersey Shore.

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