To our global community:
The past few months have been challenging for everyone. Collectively, we are facing a global crisis unlike anything we have ever seen, and the impact has been felt in every aspect of our lives.
As we continue to provide world class service to our clients from our homes instead of our offices, we recognize what we’ve always known: our people are the most important part of our firm. We are inspired and energized by our global team’s response to this crisis, and the resilience and tenacity everyone has shown in continuing to fulfill our mission under entirely new circumstances.
When the coronavirus outbreak emerged in January, our leadership team immediately started working on a response plan that prioritizes the health of our people while securing the future and vitality of our business. We have worked decisively to review our global operations and have introduced sweeping cost-saving measures—from reductions in expenses across all areas, to decreased compensation for leadership.
To further protect our community and to keep our operations strong during this crisis, we have made the difficult but necessary decision to temporarily reduce salaries by 10% across the board and to place a number of employees on furlough—of all the scenarios we examined, this model enabled us to continue providing uninterrupted benefits and cover the full cost of health insurance, including the employee portion, to all our colleagues during this difficult time. We did not take this decision lightly and will work tirelessly to bring our full teams back to work.
While this pandemic presents unprecedented and unexpected challenges, our firm’s 85-year history has provided valuable lessons in facing adversity with ingenuity, commitment, and resolve. By continuing to be nimble and adept, by keeping a steadfast focus on the quality of our work, and by taking care of our community, we will come out stronger and more unified than ever before.