The hits to the Chicago market keep on coming. In the wake of Katten Muchin Rosenman laying off 21 attorneys, and Sonnenschein Nath & Rosenthal cutting 25 attorneys and additional staff, Jenner & Block is getting rid of 10 partners:
The Chicago-based firm is asking about 10 partners, both equity and non-equity, to exit with the bulk of those affected currently working out of the firm’s biggest office in Chicago, the sources said. No particular practice area is more affected than others. The departures equate to about 6 percent of Jenner’s 155 equity partner headcount and 2 percent of the overall 490 lawyer headcount. The firm declined comment.
Remember that happy-happy-joy-joy meeting Jenner held earlier this month? According to a tipster, Jenner associates were told:
not to worry about the issues on wall st- they will not adversely affect Jenner’s bottom line. Jenner is having a great year and bonus are expected to be as good or better than last year.
Well how does that statement jibe with cutting 10 partners? As one commenter put it:
A rich man doesn’t need to tell you that he’s rich.
The flip side below the fold.
Maybe the reason Jenner told associates to be positive in early October was that they planned to to part ways with under performing partners all along. According to the National Law Journal, Jenner is looking to increase efficiency across the board:
“In this economy, all well-managed law firms, including Jenner & Block, must assess operations, staffing and expenses on a continuing basis and Jenner & Block is making selected staffing changes to better align our expertise and services with the current and anticipated client needs, just as we have in the past few years,” managing partner Susan Levy said in a statement issued by the firm. “In this economy, we have to be particularly vigilant and are taking a hard look at every area of expense.”
Why should associates pay when partners can’t make it rain?
Nonetheless, losing partners usually does not increase associate job security. Chicago might be taking the hits right now, but I can’t imagine Washington or New York associates feel any better this morning.
Update: Check here for additional Jenner information.
Jenner & Block shows 10 partners the door [National Law Journal]