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Verve Instituting ‘Company-Wide Cost-Cutting Measures’ Focused On Pay Cuts, Not Layoffs

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deadline.com

By Mike Fleming Jr Co-Editor-in-Chief, Film EXCLUSIVE: The lit agency Verve has become the latest to confront the havoc wrought by the coronavirus pandemic that has brought the business to a screeching halt.

Sources said that the strategy will be pay cuts, not layoffs. The seven partners will take the largest salary cuts, and the percentage salary trims gradually decreases as it hits the junior agents, based on experience and size of paychecks.

There are no plans to lay off agents, at this point. The agency braintrust spent the past two weeks trying to cushion the blow and survive, and looking at revenue and projections and giving a best guess estimate of when the business will return.

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