Layoffs

Nationwide Layoff Watch: Baker & McKenzie Joins the List

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The holidays are over. Now it’s time to get back to business, and in Biglaw these days that means getting back laying people off.

Multiple tipsters report that there were layoffs at Baker & McKenzie this morning. The firm just confirmed the news:

Therefore, consistent with our strategy and discipline, and in response to the economic conditions we are currently witnessing, we are taking proactive steps to ensure that we remain financially strong. In particular, we are proactively focusing on helping our clients manage through these turbulent times, and we are acting to reduce our own operating costs. These actions include, but are not limited to, slowing or deferring some long-term projects, travel and hiring restrictions, and some limited workforce reductions, including six associates in our New York office this week.

The laid off associates were given a 3 month severance package.

One tipster reports:

No one was safe from first years to senior associates to support staff which were terminated. … Those who are left are worried about more cuts.

Another tipster, who also claims that some first years were let go, adds this:

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The reasons given were that not enough work was available.

Read Baker & McKenzie’s full statement after the jump.


BAKER & MCKENZIE — STATEMENT — LAYOFFS

The current economic climate is proving to be exceptionally challenging for most businesses, including many of our clients. Experts expect this to be one of the broadest global recessions in decades, and this is also affecting the legal profession.

We are in strong financial health, thanks in part to a sound strategy and fiscal discipline, as well as our Firm’s geographic and practice diversity. However, over the last few months, as a consequence of the downturn affecting the global economy, we have seen declines in some areas. Moreover, it is difficult at this time to predict the timing and pace of the recovery.

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Therefore, consistent with our strategy and discipline, and in response to the economic conditions we are currently witnessing, we are taking proactive steps to ensure that we remain financially strong. In particular, we are proactively focusing on helping our clients manage through these turbulent times, and we are acting to reduce our own operating costs. These actions include, but are not limited to, slowing or deferring some long-term projects, travel and hiring restrictions, and some limited workforce reductions, including six associates in our New York office this week.

We believe these difficult measures are necessary to ensure our ongoing financial health in the increasingly challenging environment created by these uncertain times.

Earlier: Prior ATL coverage of law firm layoffs

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