Something is going down at Katten today. Multiple tipsters report that a firm wide meeting has been scheduled in each Katten office for 2:00 p.m. central time today. According to the email announcing the meeting, the purpose is:
[T]o discuss the Firm’s Plan for dealing with the continuing weak economy and how that plan relates to the associates.
The firm has not responded to our inquires about this meeting. But our sources report some obvious (and not so obvious) details. Katten has already been through one round of associate layoffs, and many people expect that the firm is initiating round two today.
We’ll tell you what we know after the jump.
As we understand it, layoffs have already started at Katten today. We don’t yet know the scope of these layoffs, but our initial reports suggest that around 30 attorneys will be let go.
But, what is perhaps more surprising, is that the firm could also be asking a few partners to leave the firm. A tipster reports:
[I]t is likely to include partners and that anyone who billed under 2000 last year ought to be very concerned.
Other tipsters also report that partners are likely to be let go. We don’t know how many staffers are also in danger of losing their jobs today.
Those who survive today’s cuts aren’t necessarily in the clear. Some sources are reporting that a significant salary cut is on the table for the associates that remain:
Katten has already started their layoffs this morning and a 20% pay cut can be expected for those individuals who did not lose their jobs today.
Partners being asked to leave, associates and staff getting fired, and a pay cut for everybody else? Sounds like Katten is spreading the pain around.
We’ll keep you posted once we get a post meeting report.
Earlier: Prior ATL coverage of layoffs