Proskauer Rose announced ysterday that is it laying off 35 associates and 25 staff.
In February 2008, Proskauer Rose announced double-digit growth in both profits and turnover for 2007, with revenue at the New York law firm up by almost a fifth to $627.8 million.
This firm issued a statement:
Statement – December 4, 2008
Proskauer Rose LLP announced today that it is laying off 35 associates across its offices. In addition, the firm is laying off approximately 25 members of its administrative staff.
Those affected will be eligible for severance pay, health care benefits and outplacement counseling, as well as payments of the 2008 bonuses they would have received had they remained with the firm through year end.
We are taking these actions in response to the worldwide economic crisis, as well as an unprecedented reduction in our historical lawyer attrition rate, which requires that we align our staffing with current and projected levels of activity on behalf of our clients.
We regret the need to take these actions but recognize that they have become a necessity for many of our clients and peer firms and that good business judgment requires that we staff appropriately.