Earlier this week, we reported on staff layoffs at Paul Hastings. Since Lehman collapsed, Paul Hastings has been through few rounds of attorney layoffs as well.
But Paul Hastings partners haven’t exactly been sitting back and counting cash. Especially younger partners. Above the Law has been able to confirm that a number of partners have been de-equitized since the beginning of the global financial crisis.
Our sources didn’t have overall numbers. But, one tipster put it like this:
You should cover what is going on at Paul Hastings … don’t forget that things are sh**** for jr. partners too.
But according to Paul Hastings spokespeople, the only thing happening at Paul Hastings is “business as usual.”
More details after the jump.
Above the Law talked with a spokesperson for Paul Hastings. The firm acknowledged that some partners have been de-equitized, but emphasized that the situation was “nothing new.”
This process has occurred before, over the past several years. We are constantly aligning [partner] expectations with the performance of the practice groups. We constantly evaluate.
The spokesperson wouldn’t say how many partners had been evaluated down to non-equity status. But the firm would not say that these evaluations were being brought on by the current economic crisis:
Of course, we are probably looking a little bit more closely right now, but this is really business as usual.
The next time you are sitting there terrified that performance reviews might lead to you getting laid off, just remember that some of the partners have similar worries on their plate.
Earlier: Staff Layoff Watch: Paul Hastings Re-Centers 25 Staffers
Nationwide Layoff Watch: Paul Hastings Lays Off 131 in Round 3