Unfortunately here’s another top 20 accounting firm that we’ll be adding to our tracker of layoffs and pay cuts in public accounting during the coronavirus pandemic.
Wipfli Managing Partner Kurt Gresens announced earlier today that the firm is cutting staff headcount by 5%, according to two sources.
One source told us:
Some have already been laid off supposedly but the cuts will be happening in the short term. He did not give a time frame.
Wipfli is different as they buy up regional firms instead of growing organically so some offices may be hit more than others.
Milwaukee-based Wipfli, ranked 19th in INSIDE Public Accounting’s most recent list of the top 100 accounting firms in the U.S., has roughly 2,180 employees spread out over 48 offices in 15 states. So we’re estimating that roughly 105 to 110 people will be laid off.
And according to both sources, these layoffs aren’t related to employee performance. One source told us:
Revenue is down $12 million from projected. They say they’ll evaluate utilization, efficiency, but the tone is it’s due to the economy.
We were also told that the firm is considering furloughing employees as well.
However, Gresens said that pay cuts for remaining staff are “a last resort.” One source told us that partners have already taken a pay cut.
I don’t have a percentage for partners’ pay cut but it’s been confirmed their pay has been affected.
If any other Wipfliers have anything else to add about the layoffs, let us know by contacting us using the information below. Our virtual doors are always open.