Dorsey Caps Partner Draws, Furloughs a Fragment of Its Workforce
The Minneapolis-based law firm said it was also cutting contributions to its employee retirement plans by 33%.
April 08, 2020 at 05:23 PM
2 minute read
Dorsey and Whitney signage.
Am Law 100 firm Dorsey & Whitney is capping the value of its monthly equity partner distributions and has furloughed less than 4% of its 1,100-plus workforce in response to the economic effects of the COVID-19 pandemic.
The Minneapolis-based law firm said in a statement it is also cutting its contributions to its employees' retirement plans by 33%. And Dorsey has instructed its employees to keep a close track of the amount of money they're spending.
The firm said it will "reevaluate its measures from time-to-time and is intent on limiting disruptions to its workforce as much as possible." These measures were detailed in an internal announcement Monday, the firm said.
At the end of March, Dorsey had 1,186 employees spread across 19 offices, a firm leader said. The firm said it is furloughing employees who cannot work remotely, which is less than 4% of its overall personnel head count—or around 48 employees.
Dorsey saw both revenue and head count growth in 2019, according to preliminary reporting for The American Lawyer's Am Law 100 rankings. The firm's gross revenue rose by 5% last year, from $368 million to $387 million. It added 17 lawyers to its ranks last year, a 3.4% increase.
Dorsey's news come amid a rapid string of Am Law 200 announcements in the last two weeks, including layoffs, furloughs, pay cuts and summer associate suspensions, in response to the economic upheaval during the pandemic.
Read More:
Pay Cuts, Layoffs, and More: How Law Firms Are Managing the Pandemic
Bryan Cave Cuts Pay for Partners and Employees, Taking 'Prudent Measures'
'There Isn't Going To Be a Magic Formula': How One Am Law 200 Firm Is Calibrating Cuts
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