The associates affected were primarily in the firm’s transactional practices. All those laid off have been informed, and will be privately offered severance packages.
Chadbourne is delaying the start date for its incoming associate class until January 2010. The 28 associates affected will receive a $13,000 stipend to cover bar preparation costs and other expenses.
The firm does not anticipate any more layoffs.
Chadbourne & Parke LLP has some 400 lawyers and tax advisers in 13 offices in nine countries.