BigLaw firm confirms layoffs, delayed start dates for incoming associates
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Orrick Herrington & Sutcliffe will lay off about 40 associates and 50 staff members, a number that amounts to about 6% of its global workforce.
The firm is also delaying the start dates of its incoming associates until Jan. 16, 2024.
The laid-off employees will continue work until June 30.
Those who are laid off will receive a transition package that includes pay, health insurance reimbursement, outplacement services and wellness resources, according to Bloomberg Law. Laid-off associates will be covered for four months after their layoff notice, while laid-off staff members will be covered based on length of service.
The deferred associates will receive a $15,000 stipend along with money to buy health insurance and wellness resources.
Orrick said the layoffs are due to “reduced client demand in some areas related to market uncertainty and the impact of technology, data and the evolving workplace on the type of support we need to serve our clients and operate our firm.”