When times are tough for law firms, others suffer too. If a firm as prestigious and profitable as Weil Gotshal is conducting open and notorious layoffs, and rival firms are conducting stealth layoffs, rest assured that other creatures in the Biglaw ecosystem — technology vendors, legal recruiters, Mercedes dealers — are feeling pain.
Take media outlets that cover law firms. American Lawyer Media recently cut at least 35 positions from its editorial and production staffs, amounting to about 7 percent of headcount within those two groups. Kevin Michielsen, chief operating officer of ALM, said the layoffs resulted from the company’s shift to being a “digital-first” operation, not cost cutting. But considering that ALM labors under a nine-figure debt load, cost cutting might not be a bad idea.
But the Am Law layoffs pale in comparison to the cuts over at LexisNexis, at least in terms of raw numbers. The company didn’t provide numbers, but the estimates might surprise you….