Biglaw firm Bryan Cave Leighton Paisner is undergoing its second round of layoffs within a year, following a disappointing 2023 with reduced revenue and following layoffs almost a year ago when 47 professionals were ‘released’.
This time, Bryan Cave is reducing its workforce by nearly 50 positions across its U.S. and U.K. offices, primarily affecting employees in business services roles.
In response to the layoffs, a spokesperson for the firm stated, “Like many firms in recent months, we are implementing a targeted restructuring in specific areas to manage costs and align our size and capabilities with demand within the legal market.”
“The objective of this restructuring is to maintain our competitive position and to focus on investing in key growth opportunities, whether in practice areas or geographic regions, where client demand is strongest,” they added.
According to reports from Law.com, BCLP faced financial challenges in 2023, experiencing declines in both revenue and revenue per lawyer (RPL).
In 2023, BCLP recorded a 0.6 percent decrease in revenue, amounting to $840 million, while RPL saw a slight 0.1 percent decline. Despite maintaining a relatively stable headcount of 1,185 full-time equivalent attorneys, the firm saw a 5.7 percent reduction in equity partners. This reduction contributed to a modest increase in profits per equity partner, rising by 0.8 percent to $950,000.
This recent round of layoffs follows a similar move made by BCLP ten months ago when 47 business professionals were laid off.
Reduced Demand Lead To Big Law Layoffs
Several other large U.S. law firms laid off lawyers and staff in late 2022 and in 2023 when they experienced reduced demand for legal services following the red-hot deal market earlier, particularly felt with the UK/US law firms.
Although publicly-confirmed big law layoffs have appeared to slow in recent months, though Silicon Valley-founded Fenwick & West let go nearly 10 percent of its lawyers and staff last month, according to media reports.
Despite reports of increased PEP earnings by big law partners like Kirkland & Ellis and modest revenue increases, law firms continue to face challenges as the landscape changes and the firms recalibrate their structure and strategies to handle a more competitive but less deal-heavy market situaiton.
