Boston-based firm Goulston & Storrs PC has laid off about 40 members of its staff, including administrative support positions and a handful of paralegals. According to the firm, no lawyers were let go.
Co-managing partner Kitt Sawitsky said the cuts were done to correct an overstaffing of secretaries at the firm. The firm now has about one secretary for every three lawyers.
“A ratio of 3-to-1 was the goal, and as we entered these economic times and had not achieved the 3-to-1 ratio through attrition, we decided that we wanted to get to that ratio and we were going to do it now,” Sawitsky said.
Goulston & Storrs employs about 200 lawyers.
Sawitsky said that his firm does not currently anticipate laying off any associates.
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Posted by admin
on December 8, 2008. Filed under Law Firm News,Layoffs,Legal News.
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Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
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