Reed Smith Announces Layoffs, Salary Cuts, and Reduced Workweeks in Response to COVID-19 | BCGSearch.com

Reed Smith Announces Layoffs, Salary Cuts, and Reduced Workweeks in Response to COVID-19

926

Print/Download PDF

Font Size

Rate this article

123 Reviews Average: 4.2 out of 5

Reed Smith Implements Measures to Shore Up Finances Amid COVID-19

London Office to See "Targeted Redundancies" of Lawyers and Professional Staff

 
Reed Smith, a major law firm with a significant presence in London, has announced a new round of measures in response to the ongoing COVID-19 crisis. These measures include extending previously announced salary reductions, truncated workweeks for personal assistants, and eliminating fewer than 20 lawyer positions in London.
 
The firm's London office, which is its largest with over 350 attorneys, will be impacted by these changes. Specifically, the office will see a "targeted redundancy process" that will affect less than 20 attorneys and 10 professional staff members. Reed Smith is the first major firm with a significant presence in London to lay off fee earners there as a result of the pandemic.
 
The COVID-19 crisis has significantly impacted the legal industry, as many firms have had to adapt to the challenges posed by remote work and economic uncertainty. Reed Smith's decision to implement these measures is a reflection of the ongoing financial pressures faced by the firm.
 
While the layoffs and salary cuts will undoubtedly be difficult for those affected, the firm has stated that these measures are necessary to ensure the firm's long-term viability. Reed Smith is also taking steps to provide support and assistance to those who are impacted by the changes.


In addition to the measures announced for the London office, Reed Smith has also implemented cost-saving measures in its other offices worldwide. These measures include a reduction in discretionary spending, a freeze on hiring, and a focus on increasing efficiency in all areas of the firm.
 
As the legal industry continues to navigate the challenges posed by the COVID-19 crisis, likely, other firms will also be forced to make difficult decisions to stay financially stable. Reed Smith's announcement serves as a reminder of the ongoing impact of the pandemic on the professional services sector and the need for firms to adapt and evolve to survive.
 
Overall, the Reed Smith's announcement of layoffs, salary cuts, and reduced workweeks serves as a reminder of the ongoing impact of the COVID-19 pandemic on the professional services sector. The firm's decision to implement these measures is a reflection of the financial pressures many firms face in the legal industry due to the crisis. While these changes will undoubtedly be difficult for those affected, they are necessary for the firm's long-term viability. Reed Smith is also taking steps to provide support and assistance to those impacted by the changes, and is focusing on increasing efficiency in all areas of the firm to remain financially stable in the long run.

About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.


About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.

Harrison Barnes does a weekly free webinar with live Q&A for attorneys and law students each Wednesday at 10:00 am PST. You can attend anonymously and ask questions about your career, this article, or any other legal career-related topics. You can sign up for the weekly webinar here: Register on Zoom

Harrison also does a weekly free webinar with live Q&A for law firms, companies, and others who hire attorneys each Wednesday at 10:00 am PST. You can sign up for the weekly webinar here: Register on Zoom

You can browse a list of past webinars here: Webinar Replays

You can also listen to Harrison Barnes Podcasts here: Attorney Career Advice Podcasts

You can also read Harrison Barnes' articles and books here: Harrison's Perspectives


Harrison Barnes is the legal profession's mentor and may be the only person in your legal career who will tell you why you are not reaching your full potential and what you really need to do to grow as an attorney--regardless of how much it hurts. If you prefer truth to stagnation, growth to comfort, and actionable ideas instead of fluffy concepts, you and Harrison will get along just fine. If, however, you want to stay where you are, talk about your past successes, and feel comfortable, Harrison is not for you.

Truly great mentors are like parents, doctors, therapists, spiritual figures, and others because in order to help you they need to expose you to pain and expose your weaknesses. But suppose you act on the advice and pain created by a mentor. In that case, you will become better: a better attorney, better employees, a better boss, know where you are going, and appreciate where you have been--you will hopefully also become a happier and better person. As you learn from Harrison, he hopes he will become your mentor.

To read more career and life advice articles visit Harrison's personal blog.


AGREE/DISAGREE? SHARE COMMENTS ANONYMOUSLY! We Want to Hear Your Thoughts! Tell Us What You Think!!

Related Articles

We've changed thousands of lives over the past 20 years, and yours could be next.

When you use BCG Attorney Search you will get an unfair advantage because you will use the best legal placement company in the world for finding permanent law firm positions.