Mega-firm Reed Smith had a rough year in 2015, The American Lawyer reports–a year that perhaps led to the highly publicized 45-lawyer layoff in January 2016. According to their annual Am Law 100 report, gross revenue fell 2.5 percent, revenue per lawyer went down by 1.4 percent, and profits per partner declined an alarming 8.3 percent.
However, global managing partner Sandy Thomas called the results “solid,” and told press that the layoffs were simply an “efficiency measure,” although he also referred to the slumping commodities market, noting that “we are not immune,” (as quoted in The American Lawyer).
Law firm mergers and acquisitions are on track to reach an all-time high in 2017, according to the latest report ...
Schiff Hardin laid off seven current associates and retracted offers for four incoming associates yesterday, reports the ABA Journal...
The American Lawyer reports that as 2018 came to a close, it was on pace to become the busiest year ever for law firm mergers, ...