The firm cites performance reasons for the layoffs, which took place mostly in February. Affected associates received two months severance.
In December, cut associate salaries but promised to revisit the situation in April.
Sullivan & Cromwell is one of the most prestigious and profitable law firms in the world, with approximately 700 lawyers in 12 offices, located in financial centers in Asia, Australia, Europe and the United States. As of 2006, it was the 15th largest law firm in the world.
UPDATE
According to online sources, the number of associate layoffs at Sullivan & Cromwell’s New York office has hit at least 30. The firm may intend to cut 10% of NYC associates overall, for a total of up to 50.