Pain and Anxiety in Latest Layoffs, Delayed in Hopes of Better Times
The most recent wave of law firm layoffs comes after law firms delayed job cuts, hoping the economy would improve enough to avoid such drastic measures, according to a law firm consultant. The realization that jobs must be cut has some partners feeling tremendous anxiety, he says.
In just the last 10 days, large law firms have laid off close to 2,500 lawyers and staffers. The most recent firms to announce layoffs are White & Case; K&L Gates; and Morgan Lewis & Bockius.
William Brennan, a legal consultant with Altman Weil, told the National Law Journal that law firms could no longer avoid slashing jobs.
“Many firms have been waiting, with hope, that they would be able to get through this without having to terminate employees,” Brennan said. “But they keep seeing a slide in the economy, and they have to make adjustments.”
Brennan said layoffs may be needed to keep law firms viable, but they are nonetheless painful. “The problem is that lawyers have never seen this type of pain before,” Brennan said. “The layoffs have shocked many partners and created a tremendous amount of anxiety.”
He offered similar comments in an interview with the Philadelphia Inquirer.
The layoffs aren’t over, according to law firm consultant Peter Zeughauser. He told the NLJ he expects to see job cuts through at least the fourth quarter of 2009.
