Law Practice Management
Wilson Sonsini Lays Off 45 Lawyers, 68 Staff, Freezes Associate Pay
Posted Jan 26, 2009 4:19 PM CST
By Martha Neil
Last week it was Cooley Godward Kronish. And now Wilson Sonsini Goodrich & Rosati is announcing more than 100 attorney and staff layoffs.
Despite other efforts to reduce costs, the worsening economy is now making it necessary for the famed Silicon Valley-based firm to cut 45 attorneys and 68 staff from its roster, the firm announces with "utmost regret" in an internal memo obtained by Above the Law.
"Given the prolonged economic uncertainty, we must continue to be extremely diligent in managing our business, while still rewarding strong contributions and performance," the memo continues. "As such, we will not be making associate step salary increases this year, but we will be paying out bonuses" and profit-sharing contributions.
Wilson Sonsini has approximately 650 lawyers in eight offices throughout the United States and in Shanghai, China.
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Comments
B. McLeod
Jan 26, 2009 4:44 PM CST
“Utmost regret” seems improbable. More likely, the departing attorneys and staff have considerably more regret than the firm does.
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Jose
Jan 26, 2009 5:17 PM CST
shut the lights off on the way out
Big Law is dead
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Rocco
Jan 30, 2009 9:54 AM CST
“we will not be making associate step salary increases this year, but we will be paying out bonuses . . .” Translated: No 25K increase, but a nice 15K bonus check to keep you happy and from jumping ship. Besides, freezing an associates pay at 150K per year is like taking away only 1 book of the 5 books of matches a convicted aronist is holding.
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B. McLeod
Jan 30, 2009 11:30 AM CST
Rocco, the “bonuses” are kind of a slick incentive. If they are timed late in the year, and it turns out the firm can’t afford them, there is a free way out by making September/October layoffs before “bonus” time comes around. The poor bastard “associates” who have already billed 2,000 hours trying to qualify for the “bonuses” will be out on the street just in time for winter.
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xyz
Feb 3, 2009 1:16 PM CST
Yeah, the fat-cat golf-playing partners will continue to feed at the trough, slopping up their bonuses, while the workers are given ever-so-regrettable pink slips.
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