Just my opinion, but I would be hesitant to classify law firms into different pools/tiers based solely on the first measures adopted during the COVID-19 pandemic. First, law firms have likely conducted an internal risk assessment, which, for some, led to the decision to reduce comps and/or lay off staff. Risk assessments, however, vary upon the assumptions/constraints identified (e.g., the duration of the mandated closures). Some law firms may be taking an aggressive approach on the basis that the mandated closures will continue until the end of June/July. In contrast, other firms may have assumed the mandated closures will continue until the end of May/early June. At this point, it is difficult to gauge which assumption is most accurate. Second, reduction of associate/partner comp and layoffs are an immediate cost-cutting measure that only very large firms can benefit from (e.g., consider the effect of a 15% associate salary reduction in a large firm with 100 associates vs. a mid-sized firm with seven associates). In turn, mid-size firms are more likely to reduce the workforce in the next 2-3 weeks (perhaps in addition to a reduction of compensation) than strictly reduce salaries. Without belabouring this point any further, the industries/sectors a law firm engages primarily with is also a consideration (e.g., construction). As there are many moving parts, I think we will have to wait until the end of May, perhaps even early June, to more accurately evaluate the financial stability of the various firms.