Bloomberg Law
March 30, 2020, 6:46 PM

Reed Smith Slows Partner Draws, Citing ‘Cautious Approach’

Roy Strom
Roy Strom

Reed Smith is bracing for the economic impact of Covid-19 by slowing the cash distributions it makes to partners, the firm said in a statement.

The firm said the move was a “precaution” and that it was “performing on plan” through the first three months of the year. It noted that many of its practices are “exceptionally busy.”

“At the same time, we know businesses around the world are bracing for the short-term and potential long-term economic impacts of COVID-19, and we are taking a fiscally conservative yet responsible approach,” a firm representative said in a statement. “Our leadership is ...

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