As you may have heard, NYC white-shoe law firm Weil, Gotshal & Manges announced yesterday that it was laying off 60 associates, 110 support staff and reducing the pay of some partners due to a decline in business. In an article covering the story in the New York Times, the Chairman of the Citi Private Bank law firm consulting group noted that Biglaw in general has not fully recovered from the Great Recession and that there are still too many lawyers chasing too few jobs. He predicts we'll...
Layoffs are a brutal reality of corporate America. During fallow periods, publicly traded companies, including the big banks, routinely cull their ranks. The country’s largest law firms, by contrast, have historically taken a kinder, gentler approach, rarely firing employees en masse.
The news on Monday that Weil, Gotshal & Manges, among the nation’s most prestigious and profitable law firms, was laying off a large number of lawyers and support staff while also reducing the pay of some...
