From the official announcement:

Following a thorough, strategic review of its business, White & Case LLP announced today a number of measures that will allow the Firm to respond to changing demand in the market for legal services.

These actions include an evaluation of its partnership, which will result in a reduction in the number of partners, commensurate with current and anticipated business needs.

The Firm is also implementing a global workforce reduction of about 200 associates and 200 administrative and business support staff. These reductions will vary by region and practice, based upon the needs of the business. In accordance with local labor laws, the Firm will follow a consultative process in some offices. Those affected will be offered a competitive severance package, as well as other support services to assist them through this transition.

In addition, the Firm is deferring the start date of approximately 60% of this year’s incoming associate class in the US until 2010. Incoming associates who are not deferred will join the Firm on November 2, 2009.

White & Case LLP is a leading global law firm with 2,300 lawyers in 38 offices in 25 countries, and a total staff of more than 4,800. It was founded in New York in 1901.

The American Lawyer ranked the firm sixth by revenue in the US in its annual Am Law 100 financial survey for 2007.

• AmLaw: Cadwalader Still #1 for Layoffs
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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.

• White & Case Lays Off 400
• Update: Latham Offering New Associates $75K to Take Year Off
• O’Melveny & Myers Decimates Staff, Firing 190
• Latham Offers Huge Severance Package
• White & Case Profits Fell in 2008, Despite Layoffs