Multiple tipsters report Schulte Roth conducted staff layoffs earlier this week.
But maybe we shouldn’t jump to the conclusion that this means Schulte will not be paying spring bonuses. Is it possible that this move will free up money for a spring payout?
Our sources report that 30 legal support staffers have been let go by Schulte. We reached out to a Schulte spokesperson, but the firm did not respond to our request for comment.
One tipster we spoke with feared the worst: that SRZ is heading into Howrey territory. But I think that is going too far. Losing support staff isn’t great (especially if you are a support staffer), but Howrey has been hemorrhaging partners for months. It’s a different situation entirely.
The bigger question is: What does this mean for spring bonuses? They’ve been trickling through the New York market, but maybe they won’t trickle all the way down to SRZ associates.
But imagine the staff riot if it does. What if Schulte laid off 30 staffers to be able to “afford” to give all its associates an extra $20K?
That might make the associates happy, but I wouldn’t try getting a document properly copied and collated at Schulte for months.
Good luck, former Schulte staffers. The associate hiring market is doing a little better; let us know if there are better opportunities for legal support staff.