This week the firm asked 20 attorneys to update their CVs. The layoffs affected the corporate, real estate, and litigation practices.
Those asked to leave have been given two months notice, and will get outplacement assistance.
The firm has also shortened its 2009 summer program to 8 weeks, and has deferred start dates for incoming associates to January, 2010. There is a $20,000 stipend, and some associates will be offered a public interest deferral that pays $75,000.
Schulte Roth & Zabel is one of the top 100 largest law firms by revenue. The firm was founded in New York City in 1969 and launched in London in 2002. The firm also has an office in Washington, DC. Schulte employs nearly 450 attorneys in its three offices.