Despite predictions of an onslaught of layoffs within the legal industry, the past few weeks have been relatively quiet on the job loss front. Perhaps it’s been a little too quiet. As it turns out, in the wake of bank failures, law firm leaders are still quite worried about the economy, and layoffs are still lurking among us. In fact, an Am Law firm conducted a round of layoffs quite recently.
Lowenstein Sandler — a firm that pulled in $392,080,000 gross revenue in 2021, landing it in 103rd place on the Am Law 200 — has laid off 16 business professionals across three offices in New York, New Jersey, and Washington, D.C., with most of the layoffs affecting the firm’s business development and staff recruiting personnel.
A spokesperson from the firm offered this statement concerning the layoffs:
“Changing client and attorney support needs, combined with shifting market dynamics, caused us to review our business services group staffing levels across the firm. As a result of this review, we made the difficult decision to separate from 16 of our business services professionals. We are grateful to each of these professionals for the valuable contributions made to the firm during their tenure and we are providing outplacement support and resources as they look for other opportunities.”
According to the American Lawyer, Lowenstein had quite a successful year in 2022, with gross revenue climbing by more than 15%, revenue per lawyer growing by 12.5%, and profits per equity partner increasing by nearly 27%. Following such a strong financial performance, you’d think layoffs would be off the table for a firm that’s likely to break into the Am Law 100 this year.
Best of luck to those who are being let go from Lowenstein Sandler.
If your firm or organization is reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).
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Lowenstein Lays Off 16 Business Professionals in Multiple Offices [American Lawyer]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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