The layoff news keeps rolling in. The latest is from Bingham McCutchen. Unlike some of the recent cuts we’ve seen, the firm did not lay off a massive number of associates. That will be small consolation for the people let go today.
We’ve received word that Bingham is laying off 39 people today: 16 lawyers and 23 staffers. A tipster provided us with the firm wide email that just went out to all employees:
I want all of you to know that today we have conducted a reduction in force affecting 16 Corporate associates, counsel and of counsel (of our 1002 total lawyers) and 23 staff members (of our 1091 total staff members).
Bingham had already instituted a salary freeze for 2009, but apparently the cost savings from that move was not enough.
Is any firm realistically going to escape the layoff bug?
Read the full memo after the jump.
BINGHAM MCCUTCHEN — MEMO — LAYOFFS
I want all of you to know that today we have conducted a reduction in force affecting 16 Corporate associates, counsel and of counsel (of our 1002 total lawyers) and 23 staff members (of our 1091 total staff members). This reduction comes following an extensive review of our utilization and reflects a determination that, while our staffing is well-aligned in three of our four practice areas (Financial Institutions, Securities and Litigation), the global business downturn is likely to continue to reduce demand in our Corporate practice for the foreseeable future. We have reassigned more than 10 of our Corporate associates to our very busy Financial Institutions and Securities practices, but unfortunately, we cannot redeploy all of the lawyers. On the staff side, the majority of the reductions are related to the attorney departures and were reviewed with equal thought and consideration. These reductions do not minimize the valuable contributions of those affected.
I deeply regret that anyone within our tightly knit community has to lose a job, however, we must continue to ensure the broader and long-term well-being of our firm and the 2000+ families dependent upon its success. Those affected by this move have been informed and will be receiving severance packages.
Our time added to inventory in February was extremely strong and, based upon our analysis, is likely to continue for the foreseeable future. Therefore, after today’s reduction, we feel confident that our staffing will be well aligned with the demand for our services.