Cadwalader Wickersham & Taft will stop paying partners, cut associate salaries by 25% and impose pay cuts of 10% to 25% on its staff in response to the coronavirus crisis and its impact on the economy, according to a firm memo on Tuesday.

The 380-lawyer firm, which recorded profits per equity partner of $3 million last year, is the latest to look for places to cut back amid concerns about the COVID-19 pandemic and its economic fallout. The firm’s memo said the cost-saving measures would go into effect Wednesday and would likely last for four months.

This content has been archived.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

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]