Posted May 25, 2011 08:00 pm CDT
After lawyer defections, staff layoffs and partner pay holdbacks, Ruden McClosky is now closing three Florida offices.
But the downsizing Fort Lauderdale-based firm, which has now shrunk to an attorney roster of 64 from around 200 a decade or so ago, said in an April 27 email that “things are clearly moving in the right direction,” reports the Daily Business Review in an article reprinted in New York Lawyer (reg. req.).
Authored by co-managing partner Michael Krul, the email notes that the firm will save millions of dollars by closing its Boca Raton, Miami and Orlando offices but says further layoffs aren’t likely to be needed.
Only four attorneys were working in the three offices, and the firm negotiated with landlords to cut its losses on rental space that was far larger than it now needs. Two of the four lawyers moved to other firms and the other two are now housed in a small office in Coral Gables, the article recounts.
The firm is working on similar arrangements for its offices in Tampa and West Palm Beach.
“Our current situation is far more stable than it was a year ago, and you should all breathe a bit easier in that regard,” writes Krul. “We still have a way to go, but there is no reason we shouldn’t be able to ultimately return to the stability and profitability we enjoyed for most of the firm’s history.”
The firm, which has traditionally focused on real estate, was hard-hit by the recession.
ABAJournal.com: “‘Poised to Grow’ Ruden McClosky Lays Off 16 Staff, Including 20-Year Secretaries”