Cooley Godward Kronish has laid off 52 associates and 62 support staff due to the economic slowdown.
In an internal statement the US firm announced that various levels of seniority have been affected with the public securities, finance and real estate practices all experiencing cuts.
The statement said: “Given the continued slowdown we have experienced in pockets of the firm over the last five months and the forecast for continuing global economic turmoil in 2009, the executive and management committees concluded that a reduction is necessary at this time.”
Earlier this month Cooley announced a 14 per cent revenue hike for the 2008 financial year, up from $475m in 2007 to $552m in 2008. Average profits per equity partner (PEP) dipped by seven per cent, from $1.41m in 2007 to $1.32m in 2008.
The statement said: “Notwithstanding the difficult steps we’re taking today, the state of our firm is strong and [we’re] confident about our future.”
Cooley was unavailable for comment.