Philadelphia Law Firms Missed NYC Roller-Coaster Ride
Many law firms in Philadelphia missed out on much of the business boom that benefited their New York City competitors in recent years. Now, however, they are also sidestepping the layoffs and cost-cutting that more out-of-state competitors are making, to deal with a struggling economy.
“We missed out on the upside that many of the big New York firms were getting, but we don’t face the downside either,” David Antzis, managing partner of Saul Ewing, tells the Philadelphia Inquirer.
In fact, 1,000-attorney Dechert, one of the biggest Philadelphia-based law firms, announced earlier this year that it was going to have to lay off, or at least redeploy to other practice areas, a total of 13 associates. But now that figure seems relatively minimal, compared to the more than 120 layoffs that have been announced at Cadwalader Wickersham & Taft at two different points this year, the newspaper notes.
Related coverage:
ABAJournal.com: “Law Firm Layoffs Alternative: ‘Cut, Redeploy’ “
ABAJournal.com: “Job Hunt Could be Tough for Laid-Off Cadwalader Lawyers”
