We’ve been avoiding the layoff stories for the past 10 days or so as they dribble in – but as Christmas gets closer the layoff hamper gets fuller and fuller….
So … where shall we start – a slew of articles have rolled into our inbox today
The Legal Talk Network has a podcast entitled : The Economy’s Effect On UK Law Firms
Across the pond in the UK, law firms are facing similar troubles. Law.com bloggers and co-hosts, J. Craig Williams and Bob Ambrogi, welcome Ronnie Fox, Principal of the UK law firm Fox and Jonathan Fagan, Solicitor and Managing Director of Ten Percent Legal Recruitment, also in the UK, to talk about how the present economic crisis is affecting not only law firms here, but firms in the UK. They will discuss the obstacles that UK law firms face and what needs to be done to get through these hard times.
Osborne Clarke makes nine redundant
http://www.thelawyer.com/cgi-bin/item.cgi?id=135973&d=415&h=417&f=416
Osborne Clarke is to make eight fee earners and one member of support staff redundant.
It comes as the firm reported a five per cent dip in revenues to £44.2m from £46.4m at the half-year point. The Bristol headquartered firm said these numbers were "better than expected" given the fall off in deal volumes valued at more than £50m.
Reed Smith to shed 11 City associate jobs
http://www.thelawyer.com/cgi-bin/item.cgi?id=135966&d=415&h=417&f=416
In a memo sent to staff the firm said it is looking to lay off 115 embers of support staff across its US offices as well as the redundancies in the UK, legal blog abovethelaw.com reports.
The announcement said: "Although our diversified business model has held up relatively well through a very challenging year, these decisions were difficult but necessary in light of the continuing slowdown in the economy and the projected demand for our services in 2009."
Travers lays off five associates in new job cuts
http://www.legalweek.com/Articles/1186739/Travers+lays+off+five+associates+in+new+job+cuts.html
Travers Smith has become the latest firm to cut jobs – laying off five associate from its real estate and corporate practices.
In addition to the five redundancies, the firm is also consulting on a number of positions within its residential conveyancing team.
Travers confirmed the cuts today (3 December) – joining a long line of practices forced to make redundancies as a result of the market downturn.
Job cuts continue as OC, Mishcons and Walker Morris lay off staff
http://www.legalweek.com/Articles/1186601/Job+cuts+continue+as+OC,+Mishcons+and+Walker+Morris+lay+off.html
More firms begin consultations on redundancies; Walker Morris axes three fee earners and five secretaries
Mishcon de Reya, Osborne Clarke and Walker Morris are the latest firms to feel the pinch, with all three conducting redundancy consultations.
London-based Mishcons’ consultation is thought to include both partners and fee earners, although the firm has refused to comment on the number of positions under review or the staff involved.
The proposed cuts are part of a wider review of the business as a result of the market downturn. The firm, which has around 55 partners and more than 135 lawyers, announced in July that its profits per equity partner for the 2007-08 financial year had increased by just 1.7% to £710,000, having grown by 70% the previous year, attributing the drop to investments.
The good news though is that Linklaters are doing well out of all this doom and gloom
Legal Week report
http://www.law.com/jsp/law/international/LawArticleIntl.jsp?id=1202426483901
Linklaters’ high-profile role on Lehman Brothers’ bankruptcy is set to become one of most lucrative mandates in European legal history with the U.K. giant now regularly billing more than 1 million pounds a week. The Magic Circle firm has confirmed that its role advising U.K. administrator PricewaterhouseCoopers is currently engaging "several hundred" of its fee earners. PwC itself has already confirmed that its 300-strong Lehman team is generating weekly fees of 4 million pounds ($5.9 million).
That’s enough for the past 3 days .. we think !
