Nationwide Layoff Watch: Dewey & LeBoeuf Lays Off 12 Associates

The bad news continues to roll in, this time from Dewey & LeBoeuf. The firm has confirmed that 12 associates were let go today:

For many of the associates in our Structured Finance Practice, we have already been able to identify other opportunities elsewhere within the firm. Unfortunately, we cannot find work for everyone. Therefore, today we will eliminate 12 positions – 11 in New York and one in Los Angeles. This decision is based solely on the poor conditions in the structured finance market and is not in any way related to the performance of these associates.

Maybe firms are starting to get the message that being upfront with layoff news is preferable to stealth layoffs under the guise of performance reviews. Reed Smith stepped up to the plate yesterday, and Proskauer and now Dewey are hopefully starting the new trend towards honesty when it comes to attorney reductions.

Things are going to get better in 2009, right? I mean, at some point this has to stop.

Read Dewey’s full statement after the jump. You can see that the firm is at least doing everything they can to respect work and efforts of the 12 people they let go today.


DEWEY & LEBOEUF — MEMO — LAYOFFS

FROM: Steven H. Davis

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Like all businesses in today’s difficult economic environment, Dewey & LeBoeuf is taking a comprehensive look at our entire organization to ensure that we are maximizing revenue and profit opportunities while operating in the most efficient manner possible. As part of our 2009 planning process, we measured the recent performance and evaluated future prospects in each of our practices to determine whether they can continue to be a self-sustaining part of our business through what is expected to be a prolonged economic downturn.

Although we have long been a leader in advising issuers and financial institutions on structured financial products and transactions, the ongoing dislocation in the credit markets and the contraction in the structured finance market in particular, have necessitated a decision to reduce the number of associates in our Structured Finance Practice.

It is important to note that this action does not affect the firm’s commitment to our ongoing structured finance work, which we continue to perform for our insurance, financial services, energy, infrastructure and other clients in the U.S. and globally. Many areas of this practice – for example, the market for insurance-related products – continue to thrive.

For many of the associates in our Structured Finance Practice, we have already been able to identify other opportunities elsewhere within the firm. Unfortunately, we cannot find work for everyone. Therefore, today we will eliminate 12 positions – 11 in New York and one in Los Angeles. This decision is based solely on the poor conditions in the structured finance market and is not in any way related to the performance of these associates.

Eliminating positions is always a difficult decision. We recognize the impact these actions can have on our people and their families. As always, we will provide outplacement services to assist those who are affected and will seek to help them make a smooth transition to other employment.

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We thank all of the attorneys in our Structured Finance Practice for their hard work through the years, and for their recent persistent efforts to continue serving our clients and building our business during a time of unprecedented turmoil in the global financial markets. To those of our associates who are leaving our firm, we offer our special thanks for their many contributions to Dewey & LeBoeuf and we wish them well in their future endeavors.

Earlier: Prior ATL coverage of law firm layoffs.