Posted May 29, 2009 09:42 pm CDT
In another sign of a seeming paradigm shift in BigLaw practice, bankruptcy behemoth Weil Gotshal & Manges laid off 79 administrative staff members throughout its United States offices effective today
Although the firm has been in the headlines for its high-profile bankruptcy representations and hasn’t laid off any lawyers, it says the staff cuts were necessary not only because of the dismal economy but an overall change in the way law is being practiced:
“The decision to undertake this action has been an extremely difficult one; the fact that many peer law firms were forced to make similar moves is of little consolation,” the firm says in a written statement provided to the Boston Business Journal and Above the Law.
“Given the current economic landscape, our firm, like all organizations faced with the challenges of a changing marketplace for our services, must do more with less,” Weil Gotshal writes.
While expressing regret, the statement says the layoffs are “vital to our continued efforts to increase the efficiency and competitiveness of our organization in a rapidly evolving business climate” in which clients are demanding utmost cost-efficiency.
Related earlier coverage:
ABAJournal.com: “Weil Gotshal Could Earn $230M in Fees if GM Files for Bankruptcy”
ABAJournal.com: “Gibson Dunn Lays Off 36; Weil Gotshal Cuts Summer Program, Defers 1st-Years”
ABAJournal.com: “Some Law Firms Tell Nervous Lawyers Jobs are Safe”
ABAJournal.com: “How In-House Counsel ‘Value’ Challenge is Changing One Law Firm”
Sotomayor's Nomination: Today's News