Cadwalader Reduces Pay to Avoid Layoffs During Virus Crisis

Cadwalader Wickersham & Taft has temporarily reduced legal and senior administrative staff pay by 25% and frozen distribution of partner payouts in an effort to avoid layoffs during the coronavirus crisis.

Starting April 1, senior administrative staff and members of the firm’s legal staff will take a cut for the length of the crisis, and administrative staff making less than $100,000 will get a 10% cut for the same period, according to a memo from managing partner Patrick T. Quinn to the firm obtained by Bloomberg Law. The memo dated Tuesday said Cadwalader expects the length of the crisis to ...