Law Practice Management
Milbank Lays Off 49 Lawyers and 40 Staff
Posted May 5, 2009 5:33 PM CDT
By Martha Neil
Milbank Tweed Hadley & McCloy has laid off 49 associates and 40 staff members, the law firm has confirmed to the Am Law Daily.
Above the Law first reported the layoffs yesterday. We understand that while all departments were affected, general corporate was the hardest-hit," states the ATL post, relying on unnamed tipsters.
The firm offered no details about the 8.4 percent reduction in its attorney ranks, says the Am Law Daily.
Citing financial statistics from 2008, the law blog says decreasing revenue spread among a growing number of lawyers recently resulted in more than 10 percent drops in profit per partner and revenue per lawyer.