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17 October 2008
Orrick Herrington & Sutcliffe has announced a second round of layoffs, with plans to axe a total of 300 staff.
The US firm is looking to cut up to 100 associates and 200 support staff across its offices in Asia, Europe and the US.
A spokesperson for Orrick said: "These actions are made necessary by the world economic crisis and the impact of that crisis on our clients and the levels of activity in the world market.
"These actions are unrelated to performance and affect attorneys and staff throughout our offices and practices."
The firm will be providing a severance package for affected lawyers and support staff as well as outplacement services.
Last November The Lawyer reported that Orrick was looking to cut 40 associates across its real estate, structured finance and corporate practice groups (17 November 2008).
The firm has implemented other cost-cutting measures in recent months, including freezing associates salaries at 2008 levels early this year (6 January).
Formerly Orrick | 5-Mar-2009 0:53 am
London worse than the US?Rumour has is that 20% of fee earners will be let go in London, with the structured finance and real estate practices being so quiet.
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