Baker & McKenzie laid off 38 attorneys and 86 paralegals and staff employees in North America on Tuesday, as the financial crisis continues to take its toll on corporate law firms.
This is not the first time this year Chicago-based Baker & McKenzie has shrunk its roster in the face of diminishing revenues. In January, it cut six associates in its New York office and last month the firm targeted 30 lawyers and 55 staff members in London for elimination.
“These are difficult times, and we regret that these decisions have become necessary,” the firm said in a statement. “While our firm remains financially healthy overall, the current economic climate has called for unprecedented actions, and these are important steps to ensure our continued financial health and our ability to provide high-value service to our clients.’ Baker & McKenzie, founded in Chicago in 1949, was one of the first firms to become truly global. It has about 3,900 lawyers in 39 countries.