[Updated with additional information.]
Two sources have confirmed this evening what was posted on Fishbowl and Reddit earlier today, that Carr, Riggs & Ingram doled out pay cuts across the board that will reportedly last through the end of the firm’s fiscal year.
According to a source, staff pay will be cut by 10%, income partners’ pay by 20%, and equity and retired partners by 30% until Sept. 30.
Our source said that CRI’s partners told staff they are committed to preventing layoffs.
Obviously we’re not happy [about the pay cuts] but our local partners gave us the numbers on how much revenue in our office was down and what they expected for the six months ending 9/30/2020 and the amount lost was significant, so I understand the need for firm-wide cuts to prevent any layoffs.
Right around the time we were being told this morning about layoffs and pay cuts at Armanino, we saw posts on Fishbowl and Reddit appear about the pay cuts at CRI.
And per r/accounting:
Between this and what went down at Armanino, today wasn’t a good day for many people. If any CRIers need to vent or want to tell us how you’re feeling about what happened today, the comment section is yours. Or you can email or text us using the contact info below.
Hang in there, everyone.