Another Biglaw firm has announced layoffs. This time, it’s the New York office of Shearman & Sterling. The cuts are reportedly spread through the associate and staff ranks, with 12 associates and 26 staff members getting pink slips.
According to a spokesperson, “In light of the continuing and growing economic headwinds and market conditions, we made the difficult decision to adjust the size of our team in the U.S.” Unsurprising for those who’ve been following Biglaw market conditions, the majority of those impacted are in transactional practice groups. They continued, “After careful consideration, like many other leading law firms, we have implemented a limited workforce reduction which includes 26 team members in business services and 12 of our legal personnel, focused mainly on transactional practice areas most affected by current and projected market conditions.”
This is only the latest stumble for Shearman, which has seen slower growth in both revenue and profits over the last 20 years compared with its peer firms. They also had a disappointing bonus season last year, with many associates feeling screwed by the process.
However, they’re not the only firm to cut associates from their ranks recently — we’ve heard associate layoff news out of Cooley LLP and Goodwin and Gunderson and even Kirkland. With even more firms trimming their staff headcount.
Maybe that the reported merger between Shearman and Hogan Lovells can’t come quickly enough .
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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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
