U.S. law firm layoffs pick up pace as economy slows
For the second year in a row, 460-lawyer Chicago firm Jenner & Block has axed equity partners. At least 10 partners have been told to give up their equity and some have been asked to leave. Last year, the firm stripped equity status from between 15 and 20 partners.
But Jenner & Block is not alone. Mayer Brown, Winston & Strawn, and Sonnenschein, Nath & Rosenthal have made similar moves. The moves may have been inevitable, and more may be coming because of corporate law slowdowns in various practice areas, including finance, M&A, private equity and real estate.
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