Please ensure Javascript is enabled for purposes of website accessibility
January 25, 2023

[UPDATED] Layoff Watch ’20: Some People at Prager Metis Had the Worst Monday Ever


While my layoff news certainly can’t beat that of my colleague who shared late yesterday that it’s a bloodbath up at KPMG Canada, I’ve got something a little closer to home as Layoff Watch ’20 rages on.

A tipster informed us that Prager Metis staff found out Monday that some were out of a job, while the rest of the firm would be expected to take an across-the-board 20% salary reduction if they wanted to keep their jobs.

My tipster writes:

Prager Metis did a whole round of Layoffs, furloughs, and mandatory salary cuts today.

We don’t have exact numbers on layoffs, if anyone has more info do let us know. If I were forced to pull a number out of my backside, it would be somewhere between 5% and 10%. Again, that’s an ass number so no one rely on that or anything.

Prager Metis has 18 offices and lists 400 staff and 61 partners on its LinkedIn page. Someone might want to update that, as we understand it pre-layoff that number was closer to 700-800 while their website says “over 75 partners and principals, more than 500 team members.” So who knows how many people work there, all we know is fewer people work there as of yesterday.

Anyhoo. The bad news was shared on company intranet yesterday afternoon, making it quite possibly the worst Monday ever for some. The salary reduction is effective April 1. Those who got the axe were told prior to the announcement Monday morning. “Happy Monday, btw you’re fired!” Tough.

That’s what we’ve got for now. As I said above, if you have more information or were one of the unfortunate few to get the chop first thing Monday morning, feel free to use the contact info below and give us deets. Or, you know, if you just need to talk or something. Our virtual door is always open.

Update: we spoke to Prager Metis CEO and Co-Managing Partner Glenn Friedman who wanted to clarify the cuts are 20% for three months or 5% annually. In addition, he informed us that four firm leaders are foregoing any draw whatsoever for April, May, and June. He expressed the deepest hope that salaries can be fully restored at the end of the three month period should economic conditions allow.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Promotion Watch ’23: It’s New Partner Season at CohnReznick

Feb. 1 will be a big day at the 15th richest public accounting firm in the U.S. as 19 people will be admitted into the partnership at CohnReznick. “As CohnReznick continues to expand its capabilities and market presence, recognizing the talents and achievements of outstanding professionals is critical to our growth strategy,” said CohnReznick CEO […]

kids pretending to work in an office

RSM Does Not Aspire to Be KPMG

RSM International CEO Jean Stephens spoke to Financial Times recently and let everyone know that her firm is totally open to a little wheeling and dealing that would bump them up from their current spot as the sixth largest firm (#5 on the IPA 500). Coincidentally, RSM just released their revenue numbers and they are […]