More bad news for Shearman & Sterling. According to an internal message shared with Above the Law by a tipster (see below), the firm is once again cutting headcount. This “global workforce reduction” focuses Business Services. The amount of impacted individuals is unclear, though the firm has indicated they’ll inform impacted folks in the Americas this week and in EMEA and APAC over the coming weeks.
This is only the latest stumble for Shearman having announced associate and staff layoffs earlier this year. They’ve also seen slower growth in both revenue and profits over the last 20 years compared with its peer firms and a disappointing bonus season last year with many associates feeling screwed by the process. And of course, the anticipated merger between Shearman and Hogan Lovells was scrapped in March.
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.
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