Thompson & Knight Lays Off 42

Due to the dismal economy, Thompson & Knight laid off 17 associates and 25 support staff yesterday.

The cuts were made in multiple offices of the Dallas-based law firm and focused on real estate and other corporate practice groups impacted by the sudden shortage of bank lending, managing partner Peter Riley tells the Tex Parte Blog of Texas Lawyer.

“These are good lawyers. It’s like a rifle shot went through all our law firms, and the financing groups just stopped. We are doing transactions, but man, it’s nothing like it was,” he tells the law blog. Other firm practice groups, such as intellectual property litigation, are doing very well, he notes.

The firm is also deferring the start date for incoming new associates to January of 2010.

Hat tip: Above the Law.