Holland & Knight Confirms 243 Layoffs
As we mentioned in an update to our earlier post about Holland & Knight, the firm is now confirming layoffs. From the list of restructuring measures that the firm is undertaking:
• Reducing the total number of lawyers and staff, with approximately 70 lawyers and 173 support staff positions eliminated in the firm’s 21 offices.
The firm also notes that lawyers are being reassigned from slow practice areas.
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AmLaw Daily notes that the firm saw a 3 percent decrease in profits per partner last year.
Check out the full statement after the jump.
HOLLAND & KNIGHT — STATEMENT — LAYOFFS
Today, we began restructuring our operations to better meet the needs of our clients and to take steps to fully respond to the adverse effects of the current economic downturn.
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The restructuring includes:
• Reassigning lawyers from areas in which client demand has declined to areas in which client demand continues to be robust or is increasing;
• Reducing the total number of lawyers and staff, with approximately 70 lawyers and 173 support staff positions eliminated in the firm’s 21 offices.
• looking at all aspects of our firm’s operations as part of our plan to improve efficiency
These were difficult decisions. As we made these changes, however, we considered several factors:
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• Practice areas that are shrinking and not expected to recover quickly in 2009;
• Practice areas in which client demand is increasing and expected to continue growing this year;
• Ways to make service to our clients more efficient in these tough times.
Our colleagues who are affected by these changes will be offered generous separation packages, including severance pay, health care continuation and outplacement and counseling services during their transition period.
2.12.09: The Darkest Day Ever for Big Law Firms? [WSJ Law Blog]
THE AM LAW 100: Revenue Down at Holland & Knight; Firm Lays Off 70 Lawyers [AmLaw Daily]
