Layoffs

In a recent survey, managing partners of large law firms expressed tepid expectations about demand for legal services. So it’s not surprising that cost cutting — or, to put it more nicely, expense-management initiatives — remain popular in Biglaw.

Who’s the latest major law firm trying to reduce its payroll through a voluntary retirement program?

double red triangle arrows Continue reading “Voluntary Buyout Watch: Biglaw Firm Seeks To Thin The Herd”

Get out while you still can!

If you’ve managed to jump onto the speeding “now is a great time to apply to law school” train, then you might want to fling yourself from the tracks, because that thing is about to derail. We’ve got some major news from a law school that’s stereotypically regarded as one of the worst in the country. If you thought things were bad for law schools, you ain’t seen nothing yet.

The legal academy has been waiting with bated breath for something like this to happen, and now it finally has. A law school is cutting an entire class year from its enrollment logs at one campus and laying off faculty and staff — all at the same time.

Which law school seems to be in full on disaster mode right now?

double red triangle arrows Continue reading “Much Maligned Law School Cuts First-Year Class, Announces Layoffs”

* The SCOTUS decision in the Pom Wonderful case could have serious repercussions in terms of deceptive labeling litigation under the Lanham Act. Even Justice Kennedy was misled! [Huffington Post]

* Dewey know when to WARN people? This failed firm apparently didn’t, and now it has to pay a $4.5 million class-action settlement to the employees it laid off without adequate notice. [WSJ Law Blog]

* After getting bumped out of the Am Law 100 after a 17-year run, Shook Hardy & Bacon is letting go of three floors of office space it “no longer needs.” Secretaries Paper takes up a lot of room! [Am Law Daily]

* Minutes after this career criminal was released from jail due to his accidental acquittal, he was stabbed to death with a steak knife. But for the jury’s crazy mistake, he would still be alive. Yikes. [Fresno Bee]

* LMU’s Duncan Law, perhaps better known as the little law school that couldn’t, is still trying to get ABA accreditation. At least this time they’ll be able to use law schools’ national decline as a scapegoat. [WBIR]

The arrival of summer associates brings good news for the permanent lawyers and staff of Biglaw. Not only do summer associates infuse their firms with youth and beauty (and opportunities for free lunches), but they serve as an amulet of protection against the layoff spirits.

Yes, summer programs have shrunk dramatically since the pre-recession glory days. Check out this sobering infographic for a powerful illustration.

But for those folks lucky enough to land summer associate positions, the odds remain high that they will get offers (unless they misbehave). And firms want those offers to be accepted, so they try to present themselves to summer associates as shiny happy workplaces. Layoffs, whether of lawyers or staff, are kind of a buzzkill. Firms prefer to conduct them before or after their summer programs.

So perhaps this latest news will be our last layoff reporting for a while. Which firm just made double-digit cuts to its ranks?

double red triangle arrows Continue reading “Nationwide Layoff Watch: The Reductions Roll On”

Nothing brings out the knives more than losing jobs, and as a law school looks to send tenured faculty packing, the knives have come out in force.

A trustee defending the dean ripped the faculty using words like “smear campaign” and “mudslinging.” A professor countered saying the dean’s “leadership style is creating fear, a hostile work environment.” Well, looks like these kids are getting along swimmingly. This is what we have to look forward to all over the country as the law school bubble bursts and topples law schools all over.

In the meantime, let’s enjoy the public backbiting of Bravo’s new series, The Real Law Professors of…

double red triangle arrows Continue reading “Administration And Professors Sling Mud As School Sheds Tenured Faculty”

We’re midway through Biglaw’s second quarter, and this will be the third week in a row we’re covering law firm layoffs or buyouts of some variety. This just goes to show that no matter how well a firm does, it’s always looking to do better, and the easiest way to do so is by managing human expenses.

Sometimes the firms attempting to trim their ranks are members of the “Super Rich,” with high revenues per lawyer (at least $1 million) and even higher profits per partner (at least $2 million). Other times, these firms are rich but not super-rich — firms that generally saw “modest, hard-won gains” last year, according to the American Lawyer.

The firm we’re writing about today falls into the latter group, with relatively small financial gains in 2013. Despite this, it’s still offering “very generous” packages to inspire employees to walk away….

double red triangle arrows Continue reading “Respected Biglaw Firm Offers Buyouts To Almost 40 Employees”

It was just last week we were informed that the firms designated as “super rich” among all other Biglaw firms — specifically, the 20 with profits per partner of $2 million or more and revenue per lawyer of $1 million or more — were only getting richer.

That being the case, we can’t imagine that these Biglaw titans are hurting for cash, especially when the chasm between the super rich and everyone else keeps growing wider and wider.

This is why we were shocked to find out that the top-tier law firm recently revered for having the best brand in the business was trying to trim its ranks with offers of buyout packages…

double red triangle arrows Continue reading “Voluntary Buyouts Being Offered By Biglaw’s ‘Best Brand’”

The first quarter of 2014 was relatively good for large law firms. But that hasn’t stopped major firms from trimming their ranks. In fact, some of the strong performance in the first quarter appears to be attributable to prudent management of expenses — including employee compensation.

This week brings word of still more layoffs. The latest reduction is sizable, affecting about 40 employees.

Which firm is making the cuts, and what is the mix between lawyers and staffers?

double red triangle arrows Continue reading “Nationwide Layoff Watch: 40 Felled In A Reduction In Force”

This week has been a big one for rankings. On Monday, the American Lawyer released the 2014 Am Law 100 rankings, chronicling how Biglaw fared in 2013. Last night, we released our top 50 law school rankings, based on the latest employment data from the ABA.

The process of getting measured causes people to modify themselves toward the metric; just ask any bride trying to fit into her wedding dress. So it shouldn’t be surprising that, with rankings on the brain, law firm leaders have been cutting headcount to boost profits.

Which major law firm just announced double-digit cuts, perhaps in an effort to get into fighting shape by Memorial Day, before the arrival of summer associates?

double red triangle arrows Continue reading “Nationwide Layoff Watch: Shaping Up For Summer”

Over the past year or so, we’ve heard a steady trickle of negative news out of Dickstein Shapiro. The trickle has turned into a stream, so it’s now time to share what we’ve learned.

Let’s start with the numbers — grim numbers. Yesterday the Legal Times reported on what it described as Dickstein’s “worst year in more than a decade.” Revenue fell by 20 percent in 2013, and net income dropped even more sharply, by 35 percent. According to the Legal Times, the firm’s 2013 net income of $36 million is the lowest the firm has seen since before 1998, its first year on the Am Law 200.

Chairman James Kelly tried to spin this performance as “restructuring” and “investment,” as the firm focuses on its core practice areas. According to Kelly, “We made a strategic commitment to be a market-leading specialty firm. We decided we’re not going to be everything to everyone.”

“Everything” would appear to include “employer.” Let’s hear about the firm’s headcount cuts — affecting partners, associates, and staff — and check out the severance agreement that one source leaked to us….

double red triangle arrows Continue reading “What’s Going On At Dickstein Shapiro?
(Plus a leaked severance agreement.)”

Page 1 of 2312345...23