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WHAT WE’RE WATCHING
MORE CUTBACKS – Three weeks after Hogan Lovells said it was delaying partner distributions, the law firm has decided to cut compensation for all U.S. attorneys making more than $100,000, citing uncertainties in the pandemic environment. The cuts include reductions to equity partners’ monthly draws by up to 25%; reductions to nonequity partner compensation by 15%; and a 10% salary cut for most nonpartner attorneys, including associates. Meanwhile, Nixon Peabody has furloughed 5% of its associates and 25% of its staff while laying off another 5% of associates. For a roundup of law firm cutbacks, go here.
