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Nationwide Layoff Watch: The Orrick 300

Tuesday, March 3, 2009 10:22 AM - By Elie Mystal

Orrick logo.JPGWe told you on Sunday that Orrick would be making significant cuts to its attorney and staff compliment. Those layoffs are taking place today.

We can now report that Orrick will let go approximately 100 attorneys and 200 staff. The cuts will affect all offices and all practice groups.

The laid off attorneys will be receiving a three month severance package. That’s half the time that Latham attorneys received, but three months has been the standard package across the industry.

In addition, we understand that incoming first years will have their start dates pushed back from this fall to January of 2010. At this point, Orrick’s 2009 summer program remains unchanged.

Update (10:56): We have some additional information about 3L start dates. The firm is committed to honoring all of the offers they made to incoming associates. However, depending on certain circumstances, some first years will start in March 2010, while others start in January 2010. In addition, we understand that Orrick will be offering a similar public interest externship to the program announced by Latham. Essentially, 3Ls will be eligible to receive a $75,000 stipend ($60,000 “honorarium” plus a $15,000 Bar Exam stipend) to work for a year at a public interest organization. That would push their Orrick start date back into the winter of 2010, but it could still be a great option for some incoming first years.

After completing the program, incoming first years we be viewed as part of the class of 2010, so unlike a clerkship, they would lose a year of standing.

After the jump, read the official statement from Orrick about these layoffs.

Good luck to the new casualties of the global economic crisis.

ORRICK — STATEMENT — LAYOFFS

Orrick, Herrington & Sutcliffe LLP announced today that it has begun a firmwide reduction in its workforce in the United States and Asia and redundancy consultations in Europe that will affect approximately 100 associates and 200 staff. These actions are made necessary by the world economic crisis and the impact of that crisis on our clients and the levels of activity in the world market. These actions are unrelated to performance and affect attorneys and staff throughout our offices and practices. We will provide severance pay and outplacement services and otherwise work to assist with the individual transitions.

While these actions are necessary in light of the continuing and growing economic challenges facing our clients and law firms generally, we regret the impact they will have on our talented lawyers and staff.

Earlier: Impending Layoff Watch: Orrick Ax To Fall This Week
Prior ATL coverage of law firm layoffs

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Posted in: Layoffs, Orrick, Herrington & Sutcliffe

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