Biglaw

Even A Billion Dollars In Revenue Can't Stop COVID-19 Layoffs

Am Law 50 firm lays off staff amid coronavirus upheaval.

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By all accounts, Goodwin Procter is a pretty successful law firm. In 2018, the most recent year for which full financials are available, they joined the Billion Dollar Club. With gross revenue of $1,198,625,000 that year, the firm takes the 26th spot in the 2019 Am Law 200 ranking. But even those impressive financials can’t stop the economical upheaval caused by the novel coronavirus.

According to Above the Law tipsters, ~50 staff members were laid off by the Biglaw firm. A Goodwin Procter spokesperson confirmed the cuts and provided the following statement:

We recently reviewed the performance and size of our global operations team given the current and anticipated effects of the coronavirus pandemic on the global economy. As a result of our analysis, we made the difficult decision to ask a limited number of our global operations team members to leave the firm. We are providing severance packages, based on tenure, to impacted employees. In addition, we will make continued contribution to healthcare benefits through September 30, 2020 for all affected personnel. Our global operations team continues to play a key role in supporting the firm’s operations, lawyers and clients across the business of law.

And while the firm certainly seems to be doing the best they can by these now former employees, from the tips we’ve received, folks aren’t impressed. One tipster reported being “shocked” and these are a sampling of the more choice comments ATL has received:

Gave blood and sweat to this firm for [XX} years and this is how we get treated.

They made one billion last year and they just laid off 50 people in the middle of this virus. Corporate greed.

We here at Above the Law wish the best to all those who find themselves without work during this global health crisis.

If your firm or organization is slashing salaries, closing its doors, or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can  or text us (646-820-8477).

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headshotKathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).

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