‘Stealth’ biglaw layoffs continue, but some also make the news such as the recent layoffs of professionals from Proscauer, a firm with gross revenues of $1.2 billion and ranking 39 on the AmLaw 100 rankings.
The American Lawyer poll in September looked at the largest biglaw firms and with 63 percent surveyed, 17 percent indicated there would be layoffs but many others remaining unsure of what might occur.
Proskauer, in an effort to address cost-cutting and redundancy issues, dismissed 22 business professionals in August, approximately 3 percent of its business professional workforce, according to The American Lawyer.
A tough economic climate, mounting competition among biglaw firms and the overall lull in major transactional work has seen firms take a stocktake on their staff and reduce their numbers.
This action aligns with a trend observed among many large law firms, which according to reports have been quietly making similar cuts.
The major firms handling layoffs are focused on developing efficiencies, building their AI technology and making greater use of outsourcing with more use of hybrid business models to reduce costs and enhance profitability.
