On Friday we reported that Epstein Becker & Green might have set the bonus market for regional firms to zero. While associates at firms outside the AmLaw 100 have every reason to worry about receiving any bonus at all, it’s worth remembering that the terrible economic conditions are still causing layoffs.
We received word that 8 associates were let go from Pircher, Nichols & Meeks. The firm confirmed the move today:
The Firm laid off a total of 8 of its 75 attorneys, seven in Los Angeles and one in Chicago. One of those laid off was a first year. Four staff members were also laid off. The Firm’s practice is concentrated in commercial real estate. Work in this area has declined in the last 6 months and our clients have told us that it is not likely to pick up substantially in 2009. We therefore reluctantly decided that we must reduce the number of our people to match the amount of business we see going forward. We do not anticipate further layoffs. The persons laid off are all fine and competent people and we intend to help them find new positions.
Letting go of 8 people in a firm of 75 is a deep cut. But there certainly isn’t enough commercial real estate work to go around.
It was nice for Mr. Pircher to say that his former employees were fine people, and I’m sure that those former associates will appreciate any help the firm can offer.
The options for lawyers at mid-sized firms keep getting worse. Behind Door #1: $0 Bonus. Behind Door #2: Layoffs. Behind Door #3: Falling on your knees and praying that you didn’t inadvertently choose Door #1 or Door #2.