I was at a firm that did a similar strategy once (during the 2008 hellscape) and it worked (20% across the board except for one non-salaried (hourly) team that

I was at a firm that did a similar strategy once (during the 2008 hellscape) and it worked (20% across the board except for one non-salaried (hourly) team that was so junior cutting by 20 was just sadism). It kept things afloat, and it definitely favored the workers (myself included at the time) than anyone else.