There haven’t been any major layoff stories over the past fortnight that we’ve heard about but it doesn’t mean that the tap is as yet turned off as this news from US firm Kilpatrick Stockton shows..
The Am Law Daily reports that Kilpatrick Stockton announced late on Tuesday that it would llayoff 24 associates and counsel across the firm’s seven U.S. offices.
The report goes on to say
"We have a strong commitment to our people, which makes these departures extremely difficult, especially in the current economic environment," said a statement by Kilpatrick comanaging partner Diane Prucino. "We all understand the importance that this action will have on each of these attorneys and their families."
The Daily Report states that each attorney will receive a severance package from the firm. According to financial data compiled by the Daily Report on Atlanta’s largest firms, Kilpatrick had gross revenues of $276 million in 2008, a 4 percent increase over 2007. Average profits per partner also increased 7 percent to $703,152.
Evidently 2009 was not looking nearly as promising for the 450-lawyer firm.
"These actions are driven by the current economic downturn," said Prucino’s statement. "[Layoffs] were structured to further the long-term success of the firm and to enhance the achievement of our strategic goals through more efficient use of personnel and realignment of our expense structure."
Last week Kilpatrick announced that first-year associates would be deferred until April 2010.
http://amlawdaily.typepad.com/amlawdaily/2009/04/kilpatrick-stockton-lays-off-24-lawyers.html
