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Global law firm Reed Smith announced this week that it will lay off and furlough employees, trim workweeks and cut salaries, including moving to a four-day work week to cut costs, citing “prolonged economic uncertainty” from the coronavirus pandemic, Bloomberg Law reports.
The firm’s owners will bear “the largest share” of the financial pain, said Sandy Thomas, Reed Smith managing partner, in a statement.
Evelina Nedlund is an associate editor of Employee Benefit News and Employee Benefit Adviser. She can be contacted via email at evelina.nedlund@arizent.com.
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