Another big day for law firm layoffs in the US & UK yesterday.
Here are the links – mostly from the Above The Law Blog
Impending Layoff Watch: What Will the Latham Severance Be?
Thursday, February 26,
Management at Latham & Watkins continues to be incommunicado regarding the firm’s impending layoffs that we reported yesterday. Nonetheless, Above the Law has come by some information that could be positive for sleepless Latham associates.
Multiple sources have told ATL that Latham could be offering a six month severance package to the attorneys the firm is about to fire.
The Curious Case of K&L Gates
Friday, February 27
We reported yesterday that K&L Gates was likely to announce layoffs today. There is still no comment from the firm.
Firm chairman Peter Kalis’s "out of office" reply is somewhat curious given the news swirling around the firm today. Here’s what we received when we emailed him (again) today:
I will have infrequent access to email today. I will respond to your email as soon as possible. Thank you.
Peter Kalis
K&L Gates LLP
Layoffs and Delayed Start Dates at Kirkland?
Friday, February 27,
Troubling rumors are circulating about Chicago-based Kirkland & Ellis. Tipsters say that: (1) Layoffs are happening in the firm’s New York office; and (2) The start date for incoming associates is being pushed back to the end of the year.
The firm laid off 15 to 25 non-equity partners in January. Now, it appears to be moving on to associates. A source says the firm started conducting layoffs of mid-levels in its New York office on Wednesday, and that they are still going on, writing this morning:
The layoffs are continuing today (mostly in the litigation and private equity departments).
I’m not sure about the veracity of this, but I also heard that K&E’s NYC litigation department lost one or two big clients because they refused to lower their fees.
Nationwide Layoff Watch: Lowenstein Sandler Cuts 53
And Rescinds 3L Offers
Thursday, February 26
News started breaking this morning about significant layoffs at the large New Jersey firm of Lowenstein Sandler. The firm has now had an opportunity to inform all of the affected associates, and is ready to confirm the layoffs. The following is from a firm wide email that just went out to all Lowenstein personnel:
With deep regret, we are today implementing a reduction in force affecting 21 attorneys and 32 staff members across all departments of the firm, representing just under ten percent of our total workforce. We also are reducing the size of our 2009 incoming class by three associates. These were extremely difficult decisions for the firm to make, and we delayed for as long as possible because of the quality and dedication of the employees who are being affected.
The numbers represent about 8% of the total attorneys at Lowenstein.
Ashurst offers staff a four day week – Roll On Friday
Hammonds Shakes Up Partnership With 20 Set to Go
Legal Week
Hammonds is set to cut about 10 percent of its partnership, making it the latest top 50 U.K. law firm to react to the current economic conditions. The firm is in the process of cutting up to 20 partners from its fixed share and equity ranks. A handful of partners will also be affected by a de-equitization program being rolled out at the same time in an attempt to deal with underperformance, especially at the top of the partnership.
