Partner Cuts on the Rise
From the ABA Journal:
Few U.S. law firms are acknowledging partner cuts, but they are happening and could gather steam if firm leaders foresee a long recession.Source: Out of the Jungle
Consultants tell the Daily Journal that partner terminations are on the upswing and, if the downturn continues, they will likely be made in a proportion that is at least half that of associate layoffs...
Tony Williams of London-based Jomati Consultants told the publication that firms are likely considering partner cuts to preserve associate-to-partner ratios. A firm that has laid off 10 percent of its associates will consider cutting at least 5 percent of its partners--and probably more, he said.