Yesterday we reported that Latham & Watkins might lay off up to 150 people.
Isn’t optimism great?
This morning we learn Latham has cut 440 employees — 190 associates and 250 staff. The cuts are the largest to date by a US-based firm.
Managing Partner Bob Dell:
The depth and duration of this recession is unprecedented and we expect the health of the global economy to remain weak at least through 2009. While our diversified practices and global platform provide the stability and strength to navigate these turbulent market conditions, we must adjust our staffing levels in line with the projected needs of our clients. . . . We will be offering a comprehensive separation package, including payment of six months salary and six months of continued medical benefits, as well as other resources to support this transition. . . . ”
As we reported, profits per equity partner dropped 21% to $1.8 million in 2008, while revenues fell 4% from to $1.9 billion.
Latham & Watkins LLP is one of the largest law firms in the world, currently employing around 1,900 attorneys in the US, Europe, the Middle East and Asia. The firm was started in Los Angeles in 1934 and has extensive California roots, but its largest office is now in New York City.
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they should have been cutting partners as well