Biglaw Firm Lays Off 50 Lawyers And Staff Due To COVID-19
The firm is also considering cutting its real estate footprint in view of decreasing its head count.
For many Biglaw firms, the worst of the economic upheaval caused by the coronavirus crisis seems to be over. Some firms that conducted austerity measures like salary reductions are now reassessing their finances and either partially or completely removing those compensation cuts. Other firms are rolling out COVID-related bonuses that range up to $40,000 (or in some cases, $50,000). Things seem to be coming along quite nicely — but unfortunately, it looks like there are some firms that are still struggling.
Across the pond in the United Kingdom, Ince Gordon Dadds, an international Biglaw firm that’s listed on the London Stock Exchange, revealed in its most recent financial disclosure that layoffs had occurred due to the pandemic. It’s been reported that approximately 50 lawyers and support staff were let go across all of the firm’s offices.
The Global Legal Post has additional information on what’s happening at Ince:
The Business Case For AI At Your Law Firm
The measures are revealed in an AGM statement and trading update published today that also confirmed that dividend payments remain suspended in the light of the pandemic’s impact on business.
The statement said a “limited global programme” of redundancies had taken place affecting lawyers and support staff “in areas where it is not expected that business will recover sufficiently in the medium term” from the Covid-19 pandemic.
And, in recognition of the fact “that working practices are likely to change over coming years” and that its current office space “may be too large or may no longer be suitable” it noted that it had the opportunity to make “significant further operational cost savings” in the medium term.
Yikes, it certainly sounds like more cuts could be coming for this firm. Best of luck to all those who are affected by the layoffs at Ince.
If your firm or organization is slashing salaries or restoring previous cuts, closing its doors, or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).
If you’d like to sign up for ATL’s Layoff Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the layoff alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each layoff, salary cut, or furlough announcement that we publish.
Sponsored
AI’s Impact On Law Firms Of Every Size
Law Firms Now Have A Choice In Their Document Comparison Software
Generative AI In Legal Work — What’s Fact And What’s Fiction?
How Transactional Lawyers Can Better Serve (And Maintain) Their Clients
Ince reports 50 Covid-19 staff layoffs and signals ‘significant’ post pandemic office space savings [Global Legal Post]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
Sponsored
How Transactional Lawyers Can Better Serve (And Maintain) Their Clients
The Business Case For AI At Your Law Firm
