Wall Street banks and the law firms that advise them are pushing to get employees back to the office.
Financial institutions like Goldman Sachs, Morgan Stanley and Credit Suisse are increasingly expecting their people to come in most of the week, lifting Covid-19 protocols and other hurdles for full-time in-person work. Most large New York law firms are sticking to three days of required in-office work, at least for now, save for a few fully remote outliers.
“It wouldn’t shock me if law firms’ office attendance policies align more with those of their clients and in-office attendance requirements increase from where they are now,” said Neil Barr, chair and managing partner at Davis Polk & Wardwell. “But that’s more predictive for the industry than reflective of anything we’re thinking about right now.”
Davis Polk was one of the first Wall Street firms to bring its lawyers back, requiring employees to be in the office at least three days a week.
Firms vary in how strictly they’re policing employees’ schedules. Whether lawyers will face consequences for not showing up remains to be seen, particularly given the looming recession and growing rumors of layoffs, said Stephanie Biderman, a partner at legal recruiter Major, Lindsey & Africa.
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