Nationwide Layoff Watch: 58 Bryan Cave Attorneys Let Go
It wasn’t that long ago that Bryan Cave acquired Powell Goldstein, aggressively expanding during the recession.
But then came news of a salary deferral. At the time, a Bryan Cave tipster said:
I hope this actually means no layoffs, though, as many junior associates have been really hurting for work. I also hope it means they won’t have to be too stingy with raises when the deferral period ends, since Bryan Cave is not lockstep with the Simpson 160k scale after the first couple years.
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Well, today layoffs have come to Bryan Cave. The news first started leaking out on Tuesday. As we understand it, Bryan Cave is letting people go today. Our sources report that 58 attorneys have been laid off.
Some additional details after the jump.
A tipster reports how associates were informed about the layoffs:
The firm had a meeting, and then told associates they would be getting calls in the next 20 minutes if they were to be let go. After that, those laid off have to wait until 3:30 to find out about their severance package.
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As difficult as layoffs are, the move shouldn’t be all that surprising to Bryan Cave attorneys. We’ve been receiving reports for months that things are very slow for junior associates at the firm.
We expect an official statement from the firm later today.
Update: Official statement here.
Earlier: Bryan Cave Delays Associate Pay Raise By Three Months
Bryan Cave & Powell Goldstein ‘Officially’ Announce Merger (Or Acquisition Or … Something)