Gide Cuts Partner Distributions and Spending to Weather COVID-19 Crisis
Announcing the "precautionary" measures, the Paris-based firm said it would maintain salaries, raises and bonuses based on 2019 performance.
April 29, 2020 at 04:53 PM
3 minute read
Gide Loyrette Nouel has joined the list of law firms that are adopting cash-preserving measures to "ensure that business remains afloat" during the coronavirus crisis, the Paris-based firm said in a statement released Wednesday.
Describing the measures as "precautionary," Gide said it would reduce partner distributions this year by up to 25% on a sliding scale, with senior partners taking the deepest cuts and younger partners taking lesser or no cuts to their distributions.
But the Paris-based firm, which numbers 550 lawyers including around 100 partners, said it would not be cutting its legal and business services staff and would maintain salaries, raises and bonuses based on work performed in 2019.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Law Firms Mentioned
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3'That's Disappointing': Only 11% of MDL Appointments Went to Attorneys of Color in 2023
- 4What We Know About the Kentucky Judge Killed in His Chambers
- 5'I'm Staying Everything': Texas Bankruptcy Judge Halts Talc Trials Against J&J
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250