BigLaw firm cuts back on 50% of partner draws
Yet another Australian firm has confirmed it has cut back on partner drawings and will be reviewing further scenarios amid changes spurred by COVID-19.
Gilbert + Tobin (G+T) managing partner Danny Gilbert confirmed to Lawyers Weekly that the firm cut back partners’ drawings to “be prudent as we head into this difficult period”, and will be reviewing different scenarios in future to ensure the firm can protect jobs.
“We have gone into this crisis in a very strong position,” Mr Gilbert said. “We cut back our partners’ drawings, beginning in March… We are continuing to carefully monitor demand levels and model different scenarios to make sure we can protect our people’s jobs.”
The firm ultimately decided to cut partner draws by 50 per cent.
Earlier in the week, Mr Gilbert sent out a video message to the firm’s 870 staff, confirming that “in the coming weeks, perhaps even earlier, we may be coming to you to ask for your co-operation in some changes to your conditions of work”.
MinterEllison and Hall & Wilcox have also both confirmed changes, and particularly concerning partners. Hall & Wilcox managing partner Tony Macvean confirmed the firm has cut all discretionary spends and put a freeze on recruitment.
More to come.