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Dewey & LeBoeuf has confirmed that it is cutting 5 per cent of its lawyers and 6 per cent of its support staff globally, as the firm takes steps to make itself more competitive.
Chairman Steve Davis sent a firm-wide email on Friday (2 March) confirming the cuts. The firm has 1,040 lawyers worldwide and around 120 in London.
According to Davis’s email a number of partners have also already left the firm, with further departures expected.
US blog Above the Law printed Davis’s email in full, an excerpt of which read:
“Notwithstanding our results in 2011 and so far this year, the firm’s executive committee has decided to take proactive steps to align the firm’s resources with anticipated demand and strengthen the firm’s competitiveness in the global marketplace.
“Some recent partner departures have been consistent with the firm’s strategic planning for 2012, and we expect some additional partners to leave. In addition, we are reducing the number of lawyers and administrative staff globally by approximately 5 per cent and 6 per cent respectively.
“While decisions of this nature are necessary to ensure the firm’s competitiveness, they are always difficult and we very much regret the impact they have on our colleagues who are affected.”
Dewey has not yet released its latest financial figures, but according to Davis’s email the firm improved on its performance for the 2010 financial year when it took in $910m, though that figure was down on the previous year, when the firm earned $914m.