Will More Biglaw Firms Cut Jobs Now That Fenwick Has Opened The Floodgates On Layoffs?
It can't get any worse, can it?
Ed. note: Welcome to our daily feature, Quote of the Day.
Once more, we find the regrettable reality of yet another tech-centric firm being hit by layoffs. Any firm that is heavily invested in industries that are still lagging in the current economy may come to this same resolution.
— Summer Eberhard, a California-based legal recruiter at Lateral Link, in comments given to Bloomberg Law on Fenwick & West’s recent decision to slash “just under” 10% of the firm’s attorneys and staff. Eberhard went on to note that these layoffs shouldn’t “sound alarms with associates that their firm may be next,” because many firms have already adjusted their headcounts accordingly. She thinks there is hope for the future, though, saying, “The fact is that corporate transactional practices at firms are slow but I am cautiously optimistic that we have already hit the bottom and work will be picking back up over the next year.”
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
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