Above The Law Blog has been tallying the figures and it looks as though yesterday may have been the worst day ever for job losses…
in the US legal market.
The WSJ blog did a quick tally after looking at Above The Law’s Stories and confirmed the following.
- DLA Piper announced it was laying off 80 lawyers and 100 staff members in the U.S.
- Goodwin Procter announced it was cutting 36 lawyers and 38 staff members
- Dechert cut 19 lawyers
- Faegre & Benson (yesterday) axed 29 lawyers
Rumors swirl around a number of others, too.
Update: The Law Blog learned independently that Holland & Knight has fired 70 lawyers and 173 staff. “Today, we began restructuring our operations to better meet the needs of our clients and to take steps to fully respond to the adverse effects of the current economic downturn,” the firm said in a statement.
One need only take a quick look at Above The Law’s posts yesterday to see how dire the situation is.
Never mind the bloodbath in the UK. Choose any of the legal media in London and you’ll see what we mean
Even Roll On Friday who like to keep a cheery demeanour are running stories about doom and despair at the city law firms
So… why, we ask, aren’t we hearing much about law firms in the Asia Pacific region hemorrhaging staff. Just before Christmas a couple of Australian firms admitted they would have to let go of people. But nothing since. This morning the South China Morning Post reported a slew of losses in the banking sector and more to come (no surprise there) . At some point this, we presume, must affect certain practice areas at law firms throughout the region. Anecdotal evidence is telling us that legal jobs are going in the region both at firms and in-house but as yet we don’t seem to have any clear idea whether those job losses are going to mirror what’s happening in the UK & US
We’ve just checked through to Australian Financial Review "Legal Affairs" page.
Nary a mention of trouble in the market as you’ll see from today’s headlines.
Anybody want to tell us what’s really going on out there?
State bodies pressured by national push
03:07AM | Alex Boxsell | The Australian Financial Review
A plan for national regulation of lawyers has put state legal bodies in the spotlight.
WA’s squeezy court houses must wait
12:00AM | Alex Boxsell | The Australian Financial Review
Accommodation for the West Australian Supreme Court is inadequate and unsuitable after nearly two decades of government inaction, according to the head of the court and state’s law society.
Counsel quietened as Hardie winds up
12:00AM | Edited by James Eyers with Alex Boxsell and Marsha Jacobs | The Australian Financial Review
With evidence in the James Hardie trial winding up yesterday, the phalanx of lawyers have scuttled back to their chambers to prepare for the closing.
New law used in Betcorp wind-up
12:00AM | James Eyers | The Australian Financial Review
The liquidator of the online gambling company Betcorp has succeeded in a ground-breaking application that uses a new cross-border insolvency law to allow the liquidation to be controlled in Australia.
A city institution looks forward
12:00AM | Marsha Jacobs | The Australian Financial Review
Adelaide firm Finlaysons says it is well placed to profit from the market’s new dynamics, as clients seek to reduce legal spending but ensure quality lawyers continue to work on their files.
Redmond holds out against national laws
12:00AM | Marsha Jacobs with Alex Boxsell | The Australian Financial Review
South Australia’s shadow attorney-general, Isobel Redmond, said her party would not budge on the political deadlock over national laws to regulate the legal profession, which she said were unjust and unfair to victims of trust account fraud by lawyers.
