Baker & McKenzie has become the latest firm to announce redundancies, with the firm cutting six of its New York associates as a result of the ongoing economic downturn.
The international firm’s New York office houses around 140 lawyers including 60 partners and the cuts come as part of a range of cost-cutting measures introduced in response to market conditions.
Bakers said in a statement issued today (9 January): “We are in strong financial health, thanks in part to a sound strategy and fiscal discipline, as well as our firm’s geographic and practice diversity. However, over the last few months, as a consequence of the downturn affecting the global economy, we have seen declines in some areas.” “In particular, we are focusing on helping our clients manage through these turbulent times, and we are acting to reduce our own operating costs. These actions include, but are not limited to, slowing or deferring some long-term projects, travel and hiring restrictions, and some limited workforce reductions, including six associates in our New York office this week.”
The cuts make Bakers the first major US firm to announce redundancies so far this year following cuts made by Orrick Herrington & Sutcliffe and Dechert in November last year.The layoffs come after Clifford Chance yesterday (8 January) launched a significant redundancy program in its London HQ, with the magic circle firm potentially set to cut 70-80 lawyers. The firm had already cut 20 litigation associates in its New York office in October.
Author: Jeremy Hodges
Published: 09/01/2009 15:49
The international firm’s New York office houses around 140 lawyers including 60 partners and the cuts come as part of a range of cost-cutting measures introduced in response to market conditions.
Bakers said in a statement issued today (9 January): “We are in strong financial health, thanks in part to a sound strategy and fiscal discipline, as well as our firm’s geographic and practice diversity. However, over the last few months, as a consequence of the downturn affecting the global economy, we have seen declines in some areas.” “In particular, we are focusing on helping our clients manage through these turbulent times, and we are acting to reduce our own operating costs. These actions include, but are not limited to, slowing or deferring some long-term projects, travel and hiring restrictions, and some limited workforce reductions, including six associates in our New York office this week.”
The cuts make Bakers the first major US firm to announce redundancies so far this year following cuts made by Orrick Herrington & Sutcliffe and Dechert in November last year.The layoffs come after Clifford Chance yesterday (8 January) launched a significant redundancy program in its London HQ, with the magic circle firm potentially set to cut 70-80 lawyers. The firm had already cut 20 litigation associates in its New York office in October.
Author: Jeremy Hodges
Published: 09/01/2009 15:49
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interesant e de vazut daca aceste cut-off de personal vor afecta numai head office-urile firmelor sau se vor extinde "abroad"
RăspundețiȘtergereUnul dintre spokesperson-ul unei firme din Magic Circle a declarat: the firm has no current plans for job cuts across its foreign offices.
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