Anyone else feel as though their firm is not being honest about the firm’s economic stability and what may soon come (i.e. additional layoffs or paycuts)? Currently my firm is taking austerity measures that seem disproportionate to its messaging about the firm’s financial status.

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Agreed. I was set to lateral to a firm that assured me they had the cash to weather the storm. Ultimately, I backed out, and the firm I was supposed to go to slashed salaries by 15%. Thank heavens I went with my gut.

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Outstanding non-move!

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So many of you write about the anxiety of this situation. Would it help you to be told “this situation is so fluid and difficult we may have to cut pay, furlough and/or lay off in the coming months.” Besides I don’t think the issue is reserves to weather the storm. The question is what level of cuts in pay are the equity partners willing to take to preserve jobs for associates and staff. In biglaw, that will vary alot from partner to partner but you know that the top producers at these firms didn’t get there because of their altruism.

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A bit more transparency would be nice. Being keyed into certain projections and models makes us all feel more valuable and allows us to make life adjustments necessary to better weather this. For those of us who lease, for example, looking at the real estate market and deciding to downsize if we can and further modifying other spending habits.

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Let me assure everyone that it is significantly worse than you think. Plan accordingly.

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100p. Just waiting for the other shoe to drop.

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It is interesting because my roommate works at a regional firm and his firm has continued to pay associates their full salaries and has not implemented layoffs. Because it is a smaller firm, they are much more transparent about what to expect the upcoming months and what types of events would trigger different approaches. Meanwhile biglaw seems to be a black box. The financials (and decisions) are so opaque that I would never know if the firm had enough reserves (assuming it has some) to make it another month or another year.

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FWIW some firms do carry cash on their balance sheets - we had $125M as of March 1 and as a result haven’t implemented any cuts or furloughs.

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For example...

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We also don’t know how long clients will keep paying bills and providing new work.

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