The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
US firm Latham & Watkins is to lay off a total of 440 employees across its global network.
Earlier this morning managing partner Bob Dell emailed the entire firm announcing a plan to shed 12 per cent of its associate ranks, the equivalent of 190 people, and 10 per cent of all paralegals and staff.
The firm's London office will lose 15 employees.
Dell said: "We deeply appreciate the many valuable contributions and committed service of those affected by this decision.
"We made this painful decision with great reluctance and only after concluding that demand for legal services in this troubled economy will not provide enough work for all of our attorneys."
Dell added that the firm's diverse global network and practice range was built to thrive on greater demand.
He added: "While this brief email announcement is not an ideal form for communicating this type of decision, it's the only realistic way for a firm of our size to inform everyone directly and at the same time."
The firm is offering severance packages that include six months' salary and six months' of continued medical benefits.
The announcement comes after Latham saw its average profits per equity partner (PEP) fell 21 per cent from $2.27m to $1.8m during 2008.