Reed Smith Makes Second Round of Austerity Cuts (Corrected)

Reed Smith is engaging in a second round of cash-saving measures that include pay cuts, furloughs, and layoffs, citing “prolonged economic uncertainty” from the coronavirus pandemic.

The firm said in late March it was slowing cash distributions to partners in what it described at the time as a “cautious approach.”

Those earlier changes, which the firm has not detailed, will be extended to the end of the year, Reed Smith managing partner Sandy Thomas, said in a statement.

He said the firm’s owners will bear “the largest share” of the financial pain.

Beyond partner draws, pay cuts for lawyers will ...