Another Top 50 Am Law Firm Cuts Its Global Work Force
Better to have worked and lost in Biglaw than to have never worked at all.
While a little early to say that layoffs are trending, there is without question a new data point.
Reed Smith, a firm that brought in $1,417,599,000 gross revenue in 2022, putting it at No. 29 on The American Lawyer’s 2023 Am Law 100 ranking — announced that it will be cutting about 2% of its global workforce.
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According to the American Lawyer, the cuts have impacted around 50 employees — about 20 staff members and 30 lawyers. As bad as it is to get cut from a firm, the good news is that those impacted will not be left cut and dry. From American Lawyer:
Impacted individuals at Reed Smith are being offered individualized severance benefits as well as outplacement services, according to the firm’s statement on the cuts. Severance packages for affected individuals are based on seniority, ranging from two to four months of benefits.
The firm gave the expected explanation that the layoffs are a consequence of “a reduced level of demand for legal services across the industry”, but it is worth noting that Reed Smith was doling out layoffs even back when many other competing firms in the tier were hiring. Market instability aside, Reed remains one of the best firms to work at when you aren’t stuck at a courthouse telling shareholders which door they’re supposed to go to.
Best of luck to those who are being let go from Reed Smith.
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Reed Smith Cuts Global Workforce by 50 to Address Demand Slump [Law.com]
Earlier: Two Of Reed Smith’s Finest Will Be Stuck On Human Directional Duty
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Chris Williams became a social media manager and assistant editor for Above the Law in June 2021. Prior to joining the staff, he moonlighted as a minor Memelord™ in the Facebook group Law School Memes for Edgy T14s. He endured Missouri long enough to graduate from Washington University in St. Louis School of Law. He is a former boatbuilder who cannot swim, a published author on critical race theory, philosophy, and humor, and has a love for cycling that occasionally annoys his peers. You can reach him by email at [email protected] and by tweet at @WritesForRent.
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