Tuesday, June 25, 2013

Mass Layoffs at Weil Gottshall Law Firm - NYTimes.com

Two former employees of Weil, Gotshal & Manges leaving the General Motors building in New York City after layoffs were announced on Monday.
Two women told to clear out their desks at Weil on Monday

The "new normal"? - gwc
Mass Layoffs at a Top-Flight Law Firm - NYTimes.com: by Peter Lattman
Layoffs are a brutal reality of corporate America. During fallow periods, publicly traded companies, including the big banks, routinely cull their ranks. The country’s largest law firms, by contrast, have historically taken a kinder, gentler approach, rarely firing employees en masse.
The news on Monday that Weil, Gottshal & Manges, among the nation’s most prestigious and profitable law firms, was laying off a large number of lawyers and support staff while also reducing the pay of some of its partners, sent shock waves through the industry and underscored the financial difficulties facing the legal profession.
Sixty junior lawyers, known at firms as associates, lost their jobs. That amounts to roughly 7 percent of Weil’s associates. Annual compensation will be reduced for roughly 30 of the firm’s 300 partners, in many cases by hundreds of thousands of dollars. And 110 non-lawyers — roughly half of them secretaries — were let go.

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