Partners at my firm led the way by deferring 20% of their distributions & taking an additional 15% haircut. Still think across-the-board cuts are coming but much easier knowing partners stepped up

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...much easier knowing you’re more likely to make x% less than losing your job?

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Agree w/ OP. Taking a pay cut isn't enjoyable under any circumstances, but it's more palatable knowing that the partners have taken a haircut too. And it's certainly a better option than getting laid off.

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Got my first discounted drawing, it’s more than a 20% discount on monthly drawings (at my firm) as it’s an additional 20% on top of the actual discount you get until budget is met (or not). So assuming your target remuneration was 100 and you were allowed to take out 50, it’s now down to 30. Fun times. Can’t wait for things to go back to normal.

Everyone is taking a cut. The logic is that “x jobs” need to go and we’re doing this by reducing hours (so 5 people reducing by 20% count as one job). We are told reducing hours has so far helped avoiding redundancies. If things get worse I worry redundancies will happen. I’m certainly not reducing my actual hours, now is the time to generate work rather than wallow in self pity. I feel my team is onboard so that helps.

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