We still don’t know how to deal with the novel coronavirus ravaging the country, and that continued economic uncertainty continues to have an impact on law firms. A lot of firms are cutting expenses as they try to get a handle on exactly how they’ll deal with ramifications on their bottom line.
That’s true for NYC boutique, Frankfurt Kurnit Klein & Selz.
The firm, ranked #9 in Vault’s 2020 Best Law Firms for Media, Entertainment, & Sports is instituting a number of austerity measures to deal with the economic downturn caused by the global pandemic. At Frankfurt Kurnit, those measures include almost a complete hiring freeze, cancelling their summer program, eliminating most overtime, cutting partner salaries by 25 percent and slashing all other attorney and staff salaries by 20 percent. In the internal announcement firm managing partner Jeffrey Greenbaum said employees should plan on the cuts lasting the rest of 2020 (they were effective May 1), and whether there will be any year end bonuses this year is still uncertain.
We reached out to the firm for comment, but haven’t yet heard back.
You can read the full internal email on the next page.
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Kathryn 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).