Magic Circle Firm Suspends Partner Distributions And Freezes Attorney Pay

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Magic Circle firm Freshfields Bruckhaus Deringer is a giant international player with $1,967,034,000 in gross revenue in 2018 and more than 1,400 attorneys on the pay roll. And amid the COVID-19 economic downturn, the firm is doing everything possible to keep all those attorneys — and their legion of staff — gainfully employed.

In order to avoid any layoffs or furloughs the firm has instituted a series of austerity measures aimed at maintaining cash flow. As reported by Law.com, that includes suspending quarterly partner distribution. Plus lawyer pay globally has been frozen and bonus decisions — typically made in April — will be postponed until September. Freshfields is also considering optional reduced hours for employees that want that flexibility.

If your firm or organization is slashing salaries, closing its doors, or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).

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headshotKathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).



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