The Wall Street Journal reported today that some firms are rescinding offers made to incoming and summer associates. The slowing economy is impacting more seasoned lawyers as well and is causing law firms to tighten their belts, close offices and shed unprofitable practice areas and people. Some of the largest firms that have instituted layoffs include:
• Cadwalader, Wickersham & Taft
• Clifford Chance
• Thacher Proffitt & Wood
• McKee Nelson
• Mayer Brown
• Winston & Strawn
• Sonnenschein Nath & Rosenthal
• Powell Goldstein
In late 2007, Jenner & Block, a top Chicago law firm ranked 77th among America's 100 top-grossing firms and best known for its trial attorneys, downsized its partnership for the second time in two years. At least 10 partners were told they will have to give up their equity in the firm, with some being asked to leave.
The bottom line is that marketing is more important than ever. The firms that see client dev and retention as a strategic imperative will be the ones that prosper in difficult economic times.
Comments