Kasowitz Benson confirms layoffs
Kasowitz, Benson, Torres & Friedman announced layoffs in an email sent to employees on Tuesday.
The exact number of layoffs is unknown, but the cuts affect senior lawyers, associates and staffers, Bloomberg Big Law Business reports.
A source briefed on the layoffs told Bloomberg as many as 40 people were losing their jobs, but managing partner Marc Kasowitz refused to confirm the number in an interview with the publication.
Kasowitz did, however, offer a reason for the decision. “We had a strong year last year, and we’re looking at markets for litigation that are volatile and unpredictable,” he told Bloomberg. “We’re trying to plan smartly for the future. I think that’s the most accurate way to sum up our thinking of this.”
In an interview with the Am Law Daily (sub. req.) in February, Kasowitz said his firm, like other firms that focus on litigation, is “subject to the ebbs and flows of big cases.” Last year, the firm laid off dozens of people when it announced settlements in two big cases related to mortgage-backed securities.
Bloomberg also points out that litigation demand has been depressed, citing the conclusion of Dan DiPietro, chair of Citi Private Bank’s law firm lending unit. He believes systemic changes are the reason.
