Cadwalader, Wickersham & Taft has become the latest firm to take drastic financial measures as the Covid-19 pandemic reaches new heights – suspending partner pay and cutting salaries elsewhere.
The move comes as the number of confirmed cases of the virus in the US soared to nearly 200,000 today (1 April) and the number of deaths reached 4,000. Cadwalader will stop paying partners, reduce associate salaries by 25% and impose pay cuts of 10% to 25% on staff to mitigate the economic impact of the crisis as it hits businesses around the world.
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