Venable Cuts 16 Attorneys and 48 Staff; 11-Day Legal Layoffs Tally Tops 2,500
The law firm layoffs tally since Feb. 27 topped 2,500 today, with news that Venable is eliminating 16 attorneys, five paralegals and 43 staff members.
The firm, which is the latest well-known law partnership to cut its roster in response to the plummeting economy, is reducing its attorney ranks by 3 percent, its full-time staff by 8 percent and and its paralegals by 5 percent, explains an internal memo obtained by Above the Law.
The firm is also telling incoming first-year associates to wait until January 2010 to start work, the memo says. But “the firm will pay for the costs associated with preparation for, and the taking of, the bar exam. In addition, the firm will provide our incoming class with a $10,000 stipend in September 2009.”
As part of the severance package for those being laid off, Venable will pay their health care coverage through June 30.
Yesterday’s coverage:
ABAJournal.com: “731 Lawyers and Staff Laid Off Today at Morgan Lewis, K&L Gates and White & Case”
