The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
Orrick Herrington & Sutcliffe has become the latest US firm to announce layoffs.
Orrick Herrington & Sutcliffe has become the latest US firm to announce layoffs, with 40 associates across its real estate, structured finance and corporate practices set to leave the firm.
In addition to associate layoffs a total of 35 support staffers have been shed from the US firm.
In a statement released today (13 November) by the firm, Orrick blamed the unprecedented challenges facing global capital markets for the layoffs.
The statement said: “Throughout 2008, we have done all we could have done to avoid today’s action: we have redeployed lawyers to different practices and we have cut expenses. Unfortunately, our staffing levels in the affected practices still remained too high given the economic environment our clients and we face. The three affected practice areas, however, continue their roles as important financial and strategic contributors.”
Orrick announced its layoffs just one month after it hired a group of almost 30 lawyers from dissolved firm Heller Ehrman.
The statement added: “We believe these actions are necessary to adapt to changes in the world economy and the demand for certain legal services. These actions are unrelated to performance and are across the firm’s global regions.”