The Gornitzky & Co. law firm in Tel Aviv is making across-the-board cuts because of the coronavirus crisis. Sources inform "Globes" that two cost-cutting measures have been taken: the salaries of all lawyers and administrative personnel will be cut by 30%, and 20 office workers will be put on unpaid leave.
Gornitzky & Co., one of Israel's oldest law firms, has over 220 employees. At the head of the firm is Adv. Pinhas Rubin, and the managing partners are Adv. Lior Porat and Adv. Kfir Yadgar.
Sources in the law firm said, "The decision is wise, responsible, and conservative. Like the government decisions that are putting us in a better position than other countries, this decision will put the Gornitzky & Co in a better position at the end of the crisis. It is a difficult decision, but it is a responsible and worthwhile preventative measure taken in order to avoid large-scale layoffs and save the jobs of the legal team in the firm and the households of its breadwinners, while giving clients professional service, both during the crisis, and certainly when it is over, when we foresee a substantial rise in activity."
Sources at Gornitzky & Co. said that the streamlining is designed to allow the firm to continue as long as possible, taking into account that the crisis has not yet peaked, and will get worse in the short term.
Other law firms are currently considering similar cost-cutting measures.
Published by Globes, Israel business news - en.globes.co.il - on March 17, 2020
© Copyright of Globes Publisher Itonut (1983) Ltd. 2020