Akerman Implements Layoffs and Pay Cuts, Anticipating Difficult Second Half
The Am Law 100 firm had a good first half, its new CEO said, but the impact of the coronavirus on the coming months remains unclear.
April 28, 2020 at 04:02 PM
2 minute read
The original version of this story was published on Daily Business Review
Akerman is "resizing" its workforce and cutting pay for attorneys and staff in preparation for months of continuing uncertainty brought by the coronavirus pandemic.
According to the firm, draws will be reduced by 12.5% on an annualized basis for most partners, of counsel and consultants, while some partners "with a different compensation arrangement" will see a 17.5% reduction in their draw on an annualized basis.
Additionally, associate compensation will be reduced by 7.5%, staff with annual salaries of $150,000 or more will see a 7.5% pay reduction, and staff who make less than $150,000 annually will see a 5% reduction. All of those cuts are on an annualized basis, as well.
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