The question is would associates and partners rather have a the firm be conservative and have a temporary reduction in compensation to preserve jobs knowing there is uncertainty about business flow

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Posting as :
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...or?

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Because the culture of the firm matters too. Are you the type of place where culture is a slogan you have written in some handbook or do you actively practice it? Has the firm been taking steps over the course of the 10+year bull market for the next inevitable downturn and this kind of conservative posture would be expected? Because if you’ve got good culture and you’ve been preparing for this long term, then yeah I’d take a temporary pay cut to help that sort of firm survive.

Your associates might not say that out loud but I promise they’re thinking it.

Yes 100%. I am in favor of compensation cuts now in exchange for better security to ride this all out. Revenues are going to be materially down and even for ongoing work, clients are going to be slow paying if paying at all.

You have to be smart. Do the right thing and institute cuts now to preserve the greater good (keeping as much staff and associates on as long as possible). If we all wait too long to see what the next guy is doing, the worse it will be.

smart

I am 100% in agreement. I'm willing to take comp cuts if it means we can save as much good talent as possible.

I survived 2008 as an associate off the largesse of my mentor partner who literally just cut his comp by the amount of my total comp, so I could stay employed without any cut. Despite my job mostly being sitting around and watching CLEs for a while.

Time to play it forward.

likeuplifting

I would definitely take a cut in compensation if it means we can all keep our jobs.

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