Law Firms
Clifford Chance Lays Off 20 Associates in N.Y. and D.C.
Posted Oct 14, 2008, 03:56 pm CST
By Martha Neil
Despite expectations of more litigation work because of the global financial crisis, the work hasn't yet materialized. So one of the world's biggest law firms has laid off 20 U.S. litigation associates because of market conditions.
The Clifford Chance associates, most of whom graduated from law school less than six years ago, were told of the layoffs today, the Am Law Daily reoports. The 2,800-attorney London-based international law firm said the layoffs are not performance-related. No first-year associates were laid off.
"The long-anticipated increase in overall U.S. litigation activity has not yet appeared," Clifford Chance said in a written statement. "The firm is taking action now in light of market conditions.
It also expects to lay off staff in the business services division after the fourth quarter.
Mark Kirsch, who heads the firm's litigation and dispute resolution group, says its core litigation areas remain strong, but some, such as intellectual property litigation, have suffered in the international financial downturn sparked by the U.S. mortgage meltdown.
The laid-off associates will receive unspecified severance and outplacement assistance.
Related coverage:
ABAJournal.com: "More In-House Counsel Predict Jump in Litigation, Spurring Lawyer Hiring"
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