Legal News

Biglaw Firm Announces Layoffs and Other Cost-Cutting Measures
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...

The deadly coronavirus outbreak has dealt a devastating shock to the global economy with unprecedented speed. 

The legal industry is not immune to the crippling effects of the pandemic. Lawyers who have experienced the 2008 “Great Recession,” when around 10,000 lawyers in Biglaw lost their jobs, find uncanny similarities with the economic upheaval from the coronavirus. 

In response to financial uncertainty, small and regional firms have started announcing staff layoffs and salary cuts.

  
What
Where


However, the latest strike on the legal field is hitting Biglaw, and hitting it hard.

On Friday afternoon Womble Bond Dickinson announced a series of cost-cutting measures, AboveTheLaw reports. The measures include employee furloughs, associate layoffs, and cuts to lawyer compensation.

‘FYI Womble Bind Dickinson made an announcement this afternoon about layoffs and furloughs to associates and staff. They also announced a 10 percent pay reduction for anyone making over $100k and a lower percentage reduction in the $50k to $100k range and the below $50k range. The announcement was made via conference call. No memo sent out to anyone yet.’ a tipster reported.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




In a statement sent to Above The Law, Womble confirmed the measures meant to “curb the negative economic impact of the COVID-19 pandemic” and allow the firm to continue serving clients:

‘In response to the tremendous uncertainty brought on by this virus, Womble Bond Dickinson (US) has reluctantly had to make some adjustments to its business during this difficult time. We made the hard decision to furlough some selected salaried employees for a while and also had to let go another small group. In addition, we are temporarily instituting a 10 percent or less pay reduction (with lower levels of compensation reduced by smaller percentages) for our remaining staff and attorneys in this group. Decisions like these are never easy, but we hope by taking these steps now, we will curb the negative economic impact of the COVID-19 pandemic and continue to build a strong firm that is positioned to serve our clients well.’



With no end to the global health crisis in sight, it’s expected that more Biglaw firms will make similar moves that will leave more attorneys out of work.

Biglaw has also announced measures regarding recruitment. 

Law.com reports that Slaughters and May and Linklaters have paused associate recruitment, as other firms consider their recruitment strategies.

A spokesperson at Slaughters said in a statement to Law.com International’s Legal Week: “Given current circumstances, we have paused recruitment processes while ensuring we have the right resources in place to help our clients through the current challenges.”

Firms like White & Case and Bird & Bird are both reevaluating their associate hiring.

If your career has been affected by the coronavirus pandemic, take a look at this list of resources BCG Attorney Search has created and compiled for you.



 

RELEVANT JOBS

Family Law Attorney

USA-CO-Denver

What does an Attorney do at MFL? Perform consultations with potential clients and retain them ...

Apply now

Family Law Attorney

USA-CA-San Jose

Why we think we’re the best… Here are some highlights of our amazing culture, perks, ...

Apply now

Estate Planning Paralegal

USA-WA-Vancouver

About Landerholm, P.S. Since 1948, the attorneys and professionals at Landerholm, P.S. have serve...

Apply now

Associate Attorney

USA-WI-Green Bay

Wanezek, Jaekels, Daul & Babcock is a successful and busy law firm, established in 1908, seeking a h...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

BCG Attorney Search In-House Counsel

USA-CA-Los Angeles

BCG Attorney Search In-House Counsel We are a Legal Employment Company located in California with o...

Apply Now

FDA Regulatory Attorney

USA-MA-Boston

Boston office of a BCG Attorney Search Top Ranked Law Firm seeks FDA regulatory attorney with 3-4 ye...

Apply Now

Foreclosure/Bankruptcy Associate Attorney

USA-CA-Temecula

Temecula office of our client seeks associate attorney with preferably 2 years of experience working...

Apply Now

SEARCH IN ARCHIVE

To Top