Milberg says it is 'streamlining its infrastructure'; how many are being laid off?
Milberg is laying off staffers amid a slowdown in litigation tied to the 2008 financial downturn.
The securities class action law firm notified the New York Department of Labor on Sept. 29 that it was planning to lay off 32 employees, the Am Law Daily reports. Tipsters told Above the Law that layoffs occurred last week and they included six lawyers.
Milberg didn’t confirm any numbers or jobs affected in a statement to Above the Law and the Am Law Daily.
The statement (PDF) says: “Milberg LLP is streamlining its infrastructure in order to maximize productivity and efficiency. This decision is consistent with what many other law firms have done and continue to do in the face of changes in the legal services industry.
“Milberg remains committed to stellar legal service and the achievement of positive results for its clients. The firm continues to file important new cases for the benefit of investors, consumers and the public at large.”
According to the proxy advisory firm Institutional Shareholder Services, Milberg won $47.465 million in class-action settlements in 2014 while serving as counsel or co-lead counsel, down from $224.25 million in settlements in 2013.
