The latest bummer comes from Kramer Levin, where attorney layoffs were conducted last Thursday. Staff layoffs took place today to the reaction of “shocked” personnel (in the words of a tipster). The firm confirmed the bad news to us via phone:
We confirm that in connection with our year end review process, 18 attorneys and 21 staff members were let go by the firm. Terminations were based on both economic and performance considerations.
But don’t take our transcribed word for it. An email sent by the firm’s managing partner at 4:20 p.m. today, after the jump.
Moments ago, the firm MP, Paul Pearlman, sent around the following email to all staff:
From: Pearlman, Paul S.
Sent: Wednesday, February 18, 2009 4:20 PM
To: All NY
Subject: Recent Events
It is not surprising that the economic downturn confronting the country has touched virtually every industry, including the legal community. Most firms have been affected and many have already announced substantial reductions of both attorneys and staff. While our firm ‘s performance in 2008 was relatively strong and our size and practice diversity provides us with a solid platform to be successful in these difficult times, we have nevertheless felt the impact of the prevailing economic conditions. Consequently, after careful consideration, we regretfully concluded that it was necessary to better align our resources with the current and anticipated demand for our services. As a result, 18 attorneys and 21 staff have recently been asked to leave the firm. These decisions were based on a variety of factors, including firm, departmental and individual performance. Those affected have been informed of our decisions.
Ah, the old “solid platform” razzle dazzle. People once called the Titanic unsinkable also, and look how that turned out.
The firm declined to comment on the severance packages and the departments affected. If you have any information on that front, drop us a line.