Baker & McKenzie lays off NY associates
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Baker & McKenzie has become the latest US firm to announce layoffs due to the economic downturn.
The firm has confirmed that six associates in the New York office have been laid off receiving a two months severance pay package.
In a statement released to the firm, Baker & McKenzie highlighted the challenging economic environment as the reason for the staff cull.
The statement said: “We are proactively focusing on helping our clients manage through these turbulent times, and we are acting to reduce our own operating costs. These actions include, but are not limited to, slowing or deferring some long-term projects, travel and hiring restrictions, and some limited workforce reductions.”
The move comes after a number of firms have reduced staff in recent months. Last November Orrick Herrington & Sutcliffe announced 40 layoffs (13 November).
The magic circle has also been affected on both sides of the Atlantic with Clifford Chance making 20 layoffs in its litigation team in October (14 October). Yesterday the magic circle firm launched a redundancy programme in the UK which will lead to 70 to 80 lawyers being made redundant (8 January).
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