![]() ![]() The gains follow a loss of 1,900 jobs in March, according to BLS data. The count includes lawyers, paralegals and other legal professionals. The legal services sector added 1,500 jobs in April, according to preliminary seasonally adjusted data released by the U.S. A report this week from the Thomson Reuters Institute found slower expense growth among large and midsize firms and an uptick in demand for countercyclical practices such as litigation and labor and employment. There are signs that firms are reaching a new equilibrium as demand has cooled. law firms by revenue grew their top lines by 2.7% on average last year, but profits per equity partner dipped 3.7%, the magazine reported. law firms in the first quarter of 2023 compared to the same time period last year, according to a Wells Fargo report released last week.ĭechert is at least the eighth law firm - including Cooley, Davis Wright Tremaine, Goodwin Procter, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Perkins Coie, Shearman & Sterling, and Stroock & Stroock & Lavan - to publicly confirm layoffs of lawyers, staff or both since last year.ĭechert chair Andy Levander and CEO Henry Nassau said the layoffs are coming after the firm "carefully examined existing and projected demand for our legal services," according to a Tuesday memo obtained by Above The Law.ĭechert generated $1.288 billion in revenue in 2022, a 3.94% drop compared to 2021, according to The American Lawyer. Many major law firms went on a hiring spree in 2021 and early 2022, capitalizing on a record-breaking global boom in corporate deal making.īut rising interest rates, high inflation and recession fears have soured some companies' appetites for deals and other legal work.ĭemand for legal services declined by 1.5% and productivity dropped 6% among large U.S. The 1,000-lawyer firm said it is laying off 55 lawyers and 43 business professionals, including in its London office. Continued abuse of our services will cause your IP address to be blocked indefinitely.May 10 (Reuters) - U.S.-founded law firm Dechert is laying off 5% of its global workforce, a Dechert spokesperson confirmed Wednesday, as cuts spread among large law firms adjusting to a decline in demand for legal services. ![]() Please fill out the CAPTCHA below and then click the button to indicate that you agree to these terms. If you wish to be unblocked, you must agree that you will take immediate steps to rectify this issue. If you do not understand what is causing this behavior, please contact us here. If you promise to stop (by clicking the Agree button below), we'll unblock your connection for now, but we will immediately re-block it if we detect additional bad behavior.
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