Howrey LLP announced internally on February 2 that it was cutting a substantial number of positions in the firm. Some reports believe that 100 will be laid off but this has not been confirmed. CEO Bob Ruyak sent a firm wide email yesterday afternoon stating that there was not enough work available for all attorneys and staff. Howrey had around 325 associates in 17 offices. It may be that that paralegals and secretaries are being laid off in larger numbers than associates.
Howrey was founded in 1956 and is headquartered in Washington, D.C. Its major areas of practice include antitrust law, intellectual property law and global litigation. The firm has over 700 attorneys and offices in Chicago, Los Angeles, New York, London, Munich, Taipei and several other locations.
Posted by sara
on February 3, 2010. Filed under Home,Law Firm News,Layoffs.
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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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