Please ensure Javascript is enabled for purposes of website accessibility

Pay Cut Watch ’20: It’s Not Good Friday at Moss Adams

Normally we start these posts with “and the hits keep coming” or some such thing but we’re rapidly running out of sassy intros so let’s just cut the crap and get straight to the news.

We’re hearing from multiple sources this afternoon that Moss Adams has joined the ranks of accounting firms instituting pay cuts and furloughs to get ahead of the current economic situation. Here’s the damage:

  • 20% income reduction for partners through December 2020
  • 5-20% salary reduction for everyone else beginning May 15, to be reassessed in four months
  • 370 employees subject to 90-day furlough
  • 240 employees subject to reduced work schedules for 90 days

Additionally, we’re told furloughed staff will still be able to receive medical benefits. As we understand it, the news was handed down from up high via video from CEO Chris Schmidt, but office managing partners are also informing affected staff directly. We don’t have information on who exactly was affected by furloughs as the firm didn’t share that with employees.

By revenue, Moss Adams is the 12th largest accounting firm in the United States, employing more than 3,070 professionals across more than 30 offices.

We will, of course, update you if we get any additional information but that seems to be the bulk of today’s news. If you have anything to add and/or were furloughed today and need a sympathetic ear, feel free to use the contact information below to get in touch. We’ll buy ya a Zoom beer or something.

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

dachshund in the sand at the beach sea on summer vacation holidays, wearing red sunglasses with coconut cocktail

Friday Footnotes: More Bad News for PwC; Firm Leader Says AI Will Get People Back in the Office | 6.2.23

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Bye. Technology AI threat will motivate workers to return to the office, says […]

Bonus Season Is Not Looking Good at the King’s KPMG

According to reporting across the pond (including this story from City A.M. we shall be quoting in a moment), KPMG UKers are not going to have a fruitful bonus season due in large part to a slowdown in business. KPMG has slashed the bonus pool of its UK workforce and reined in commission for salespeople […]