The bad news continues to roll in, this time from Dewey & LeBoeuf. The firm has confirmed that 12 associates were let go today:
For many of the associates in our Structured Finance Practice, we have already been able to identify other opportunities elsewhere within the firm. Unfortunately, we cannot find work for everyone. Therefore, today we will eliminate 12 positions – 11 in New York and one in Los Angeles. This decision is based solely on the poor conditions in the structured finance market and is not in any way related to the performance of these associates.
Maybe firms are starting to get the message that being upfront with layoff news is preferable to stealth layoffs under the guise of performance reviews. Reed Smith stepped up to the plate yesterday, and Proskauer and now Dewey are hopefully starting the new trend towards honesty when it comes to attorney reductions.
Things are going to get better in 2009, right? I mean, at some point this has to stop.
Read Dewey’s full statement after the jump. You can see that the firm is at least doing everything they can to respect work and efforts of the 12 people they let go today.