Yesterday we reported on web rumors that New York’s Shearman & Sterling would lay off staffers.
Today the firm confirmed that 60 support staff positions have been eliminated.
In the US, approximately 60 secretaries and other administrative personnel from various groups, including Finance, GTS, HR, Marketing, and Office Services, will be leaving the firm today. In London, we are commencing a formal redundancy consultation process, as required by UK law, which will result in the loss of approximately 18 secretarial and administrative staff positions at the end of this process.
It is difficult to see friends and colleagues leave the firm, and we want to express our appreciation to the people who are leaving for all they have done for us individually and collectively. We are offering financial packages and outplacement services to those who are leaving to ease their transition, and we wish them the very best.
Shearman & Sterling LLP is a law firm headquartered in New York City, with 19 offices located in major financial centers around the world. It was founded in 1873.
As of 2006, it was the 17th largest law firm in the world as measured by 2006 annual revenue. Shearman & Sterling is a white shoe firm, the equivalent of the Magic Circle in the UK.