4 ms·
A lot of misinformed generalizations here. I work for a firm where staff took 20% pay cuts, partners took much larger cuts and the principals likely will not b
by jm4 6y ago
A lot of misinformed generalizations here.
I work for a firm where staff took 20% pay cuts, partners took much larger cuts and the principals likely will not be paid at all this year. I had to lay off a dozen people personally. Other firms took similar or more extreme measures. Law firms are getting hit fairly hard like a lot of other businesses. We didn't take PPP funds, but if we did and it saved some of the 70 of my coworkers who lost their job in the worst economy anyone alive today can remember, then I wouldn't feel the least bit guilty about it.
Nobody is buying used Bentley's so I don't know where you get the idea that someone can just liquidate one to pay employees. And why should someone have to liquidate personal possessions to pay someone else anyway?
What franchisee do you know who is sitting on millions in cash? It doesn't work that way. Someone who franchises a fast food place makes an enormous investment, takes a significant risk, works their ass off and then pays substantial fees to the company. These are generally small business owners.
- jowiar 6y ago> why should someone have to liquidate personal possessions to pay someone else anyway The issue is there's serious moral hazard where owners of a private business can, rather than maintaining a balance in the business, pay themselves the cash, then grovel to the public to bail them out. If you're socializing the risk, you shouldn't get to privatize the reward.