BigLaw Layoffs Continue
Bryan Cave Leighton Paisner recently made the decision to lay off 47 legal secretaries and administrative staff across its offices worldwide in a move that follows other BigLaw layoffs.
Bryan Cave resulted from a major merger lead by two ‘power women’ attorneys in 2019.
Out of the total number of employees affected, 34 are business staffers based in the United States, while the remaining 13 are spread across Europe, the Middle East, and Asia. No lawyers were included in these layoffs, which were carried out following an internal review of the firm’s business services staffing.
The law firm has taken steps to support the affected employees during this transition. In a statement, Bryan Cave stated that all impacted individuals have been notified and will receive comprehensive support packages. These packages include competitive severance benefits, assistance with outplacement, and resources to aid in their career transition.
As of the end of 2022, Bryan Cave employed over 2,500 workers across 30 global offices, according to the American Lawyer. The firm reported a revenue of $845.2 million last year, which represented a decline of approximately 4 percent based on AmLaw data. Additionally, profits per equity partner experienced a decrease of about 12 percent, amounting to $942,000.
A number of large US and other international law firms have been forced to implement similar layoffs in recent months. The slowdown in transaction practices, which played a significant role in the record-breaking year of 2021 for many firms, has led to a decrease in work which has lead to Biglaw layoffs that we reported earlier in the year.
Dechert, for example, laid off 5 percent of its global workforce, including 55 lawyers, in early May. Other firms have made layoffs that we have recently reported, such as Cooley, Kirkland & Ellis, Gunderson Dettmer, Lowenstein Sandler, Shearman & Sterling, and Stroock & Stroock & Lavan have also made the decision to initiate layoffs.
Despite these layoffs, Bryan Cave made recent expansions, including entering the Seattle market by bringing in two product liability litigators. They also hired Rob Crea from Vedder Price to lead their US fund formation practice.