Reed Smith lays off 45 attorneys
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Reed Smith is laying off 45 attorneys and “a related number of staff,” the law firm says in a written statement.
The 45 lawyers comprise only 2.5 percent of the firm’s attorney roster, says the statement, which was published by Above the Law. Those let go will receive severance pay and job placement assistance.
“The legal industry has experienced a fundamental shift in the nature of the demand for, and the delivery of, legal services in recent years. Like all profitable businesses, Reed Smith must be attentive to market demand and industry changes and make necessary adjustments to remain competitive,” the firm writes.
“For those reasons, the firm recently undertook a review of its staffing model to ensure the firm is sized and structured to provide clients with the highest quality legal services in the most efficient manner.”