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. “We didn’t have to lay anybody off.”. Subscribers to The Daily Record can access the digital edition archive. Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. Many managing partners of BigLaw have had a pleasant surprise. 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. Above the Law posted on October 26 that Kirkland & Ellis has quietly been conducting layoffs.. They can also buy the law firm time to put its house in order without calling attention to itself. 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. Bryan Cave Leighton Paisner on July 15 confirmed it was cutting attorney and staff positions across its global business. - Roy Strom, Bloomberg Law, November 2, 2020. By: Steve Lash The recipients will have to pay part or all of the money also if they reduce salaries for employees making less than $100,000 by more than 25%. ‘ “Now, more than three months into the pandemic, the deep impact of court closures and a slowdown in deal activity have given us a better-informed sense of the manner in which the pandemic has changed the way we do business. The personal […], 2020 State of the Lateral Law Firm Market. 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. Daily Record Legal Affairs Writer Even for a firm with more than 1,000 partners, Kirkland has lost an unusually high number of them (54) in 2020. July 6, 2020. Enter your email address and start getting breaking law firm and legal news right now! Traditional layoffs, on the other hand, send a negative message to all constituents, ranging from prospects to journalists. Junior Partner level Corporate and Securities Attorney. Layoffs (unconfirmed how many; told they were performance-based). Job Description 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. Some firms, though, are starting to roll back austerity measures as revenue performance outpaced initial expectations. Prepare Yourself for a Happy Retirement. (Bonuses now paid out at 100% .) “We were one of the more than 100 firms that decided in the early stage of the pandemic to apply for the [paycheck protection program] and were approved based on the [Small Business Administration] criteria. Many recent law school graduates are stuck in a state of limbo, while top law firms have seen pay cuts, layoffs, and furloughs. Indianapolis-based Ice Miller LLP laid off up to 11 furloughed attorneys from multiple offices after furloughing them this spring amid the pandemic. 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. 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. The firms will have to pay back part or all of the loan if they lay off employees and have a reduced headcount from the number reported when the loan was originated. 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. 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Hughes Hubbard was not the only high-grossing law firm to make cuts and layoffs despite receiving the PPP loan. high court orders review of mental health reports in abuse case, DeWolfe seeks suspension of misdemeanor proceedings, Md. — Pakistan’s detention of media mogul draws freedom of the press concerns. Most Law Firms Will Shorten Their Summer Programs, NALP Stud... Are You Retiring? Tagged with: diabetes diet pill drug company first amendment france free press media mogul pakistan protest sex discrimination. Global Law Firm Allows Lawyers to Work Remotely 40% of Time. According to an analysis of Small Business Administration data and firm announcements on expense cuts, at least eight other big law firms that received hefty sums from the Paycheck Protection Program conducted layoffs and furloughs anyway. 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. Tips for Making the Most of Being a Virtual Summer Associate. As it turns out, the Wall Street firm is not alone in laying off employees and cutting back on costs. Lash, a graduate of American University’s Washington College of Law, is a member of the U.S. Supreme Court and Maryland bars. However, the firm said the layoffs “stem from productivity and performance issues.”. Kelley Drye & Warren, which secured a $5 million to $10 million loan April 11, cut pay for employees making over $100,000 by 10% three days later.The rest of the firms—Sullivan & Worcester; Ice Miller; Curtis, Mallet-Prevost, Colt & Mosle; and Pryor Cashman—instituted pay cuts or layoffs before they received the loans.