December 5, 2020

Pay Cut Watch ’20: Marks Paneth Partners Bearing the Brunt of the Burden

Let’s hear it for the partners at Marks Paneth, who we were told are taking it on the chin so there won’t be any pandemic-related staff layoffs at the top 40 accounting firm.

Apparently Managing Partner Harry Moehringer recently summarized for staff some of the pruning of costs that the firm is undertaking. According to a tipster, Harry told the class:

Partners in the firm agreed to a 10-30% reduction from monthly distributions.

Seriously, kudos to all the rainmakers at Marks Paneth. We don’t need any more accountants needlessly hitting the unemployment line.

From what we’ve heard, Marks Paneth has yet to make any substantial job cuts during the pandemic, unlike many other firms, outside of the usual performance-related cuts. Our tipster told us:

There has not been any job cuts in the firm, they let go of people throughout all ten offices based on performance in early April.

However our tipster said the firm “ended the internship program early by letting go of 80% of the interns throughout all offices unless they were highly productive.” So that sucks for the interns.

The person who contacted us summarized the rest of Harry’s message to the group, which included some meh news regarding comp:

Postponing consideration of bonuses and raises until January 1st 2021, if promoted based on evaluations the adjusted promotional compensation won’t take effect until January 1st, 2021, and all employees are required to use no less than 1 week of their accrued PTO prior to June 30th.

But Marks Paneth people, you must be happy at least that you still have a job, right? Right?? If we’re missing anything from Harry’s message to staff, or if you have any gripes about the bonuses/raises deferral or the PTO requirement, let us know in the comments or shoot us an email or text using the contact info below.

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