Dewey & LeBoeuf set to make layoffs
Dewey & LeBoeuf will be conducting layoffs and other cost-cutting measures, according to firm-wide memo from Chairman Steven H. Davis. The memo came after the widespread circulation of rumours regarding the firm’s financial performance, partner departures and cost-cutting strategy.
Davis explained that revenues had increased in 2011 and the first part of 2012, but that a significant increase in the firm’s cost base meant that the firm needed to trim its partnership. Recent partner departures were attributable to the firm’s cost-cutting strategy, and the firm expects some additional partners to leave. In addition, the firm plans to reduce the number of lawyers and administrative staff globally by around 5% and 6% respectively. With a lawyer headcount of over 1,110, the layoffs will affect 50 to 60 attorneys.
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