White & Case slashes jobs across international network
White & Case slashes jobs across international network" />White & Case is making significant layoffs across its US and UK network.
The US firm will be reducing its legal and non-legal headcount by approximately 3 per cent, resulting in the redundancy of around 70 associates in the US alone.
The number of lawyer job cuts in White & Case’s London office is not yet clear, although a spokesperson said: “A small number of fee earners, equating to about 2 per cent of headcount in London have been provisionally notified that they are at risk of redundancy.”
In a statement issued by the firm today, firm chairman Hugh Verrier, said: “We are living in a time of unique economic challenges, and well-managed, successful businesses, including White & Case, must assess their operations in light of current market realities. We believe this is a necessary step to adjust to the global economic downturn and to ensure a strong, long-term future for the firm.”
The move comes after White & Case concluded a wide-ranging review of its global operations by management consultancy McKinsey last month. Last month, TheLawyer.com reported that the firm had implemented a recommendation by McKinsey that it introduce regional and practice group heads (27 October 2008). It is thought McKinsey also recommended scaling back the partnership in less profitable practice areas.
White & Case has suffered a turbulent year, with management upheavals blamed for the defection of global co-head of banking Maurice Allen and Mike Goetz to Freshfields Bruckhaus Deringer in March.
In today’s statement, the firm added: “These reductions are being driven in large part by a decline in attrition rates. Those who have been asked to leave will receive a competitive severance package.”
Readers' comments (9)
Anonymous | 11-Nov-2008 10:50 pm
London
I'm not too surprised that London is facing some difficulties. It has been significantly over staffed for a while now. It will be interesting to see what the next move will be.
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Tom | 12-Nov-2008 11:08 am
All eyes...
must surely turn to A&O now, given their similar finance and bulk focus.
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Anonymous | 12-Nov-2008 5:20 pm
Layoffs
NY is most definitely screwed. What do they actually have left? It is hard to see how White & Case will recover from this.
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Anonymous | 12-Nov-2008 5:22 pm
Merger
The only option left for White & Case is to merge. It seems to be a very badly managed firm. It needs a firm hand and some real direction.
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Anonymous | 12-Nov-2008 5:34 pm
London
London is definitely over staffed and they didn't grow their business in the UK effectively. They focused on one or two key clients but dramatically lowered their fees to get this work. This is not the best way to build and sustain a business.
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Anonymous | 16-Nov-2008 9:43 pm
just citing
"You think you can jump through the abyss and solve all your problems, but the fact is you just fall into the abyss" (c)
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Anonymous | 17-Nov-2008 8:41 am
a sinking ship
See quote above: "well-managed, successful businesses, including White & Case,". Hugh, if White & Case was well-managed and successful, it would not have to layoff anyone!
White & Case is based on the "old boys" network - where high maintenance partners with no book of business (but extremely large equity draws and other benefits) are supported by counsels and associates who actually do the work and maintain the client relationships (but are not supported for partnership or advancement).
It is not surprising that - when things start to go wrong - the counsels, associates and support staff are the first ones to get axed to preserve the high flying lifestyles of the partners. W&C is also based on an "eat what you kill" structure - where the partners eat what the senior associates and counsels kill. The partners turn on each other at the drop of a hat.
Finally, its business model is almost exclusively based on commercial work outside the US - their US offices are not very good and they have little to no litigation practice to cover them during downturns in commercial work. I am not surprised to see the developments at W&C recently - the layoffs, the closure of the Bangkok, Milan and Dresden offices. Look what happened in Hong Kong. Look what happened in Singapore where almost half the office left and took many of the largest clients with them.
Unfortunately, the poor people caught in the middle - the counsels, associates and support staff - are the ones that suffer.
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Anon. | 17-Nov-2008 12:35 pm
Last post
The last post was obviously written by someone who wasn't offered an NQ role after his or her training contract.
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Anonymous | 18-Nov-2008 5:58 am
last post (revisited)
The last post was obviously written by a partner at White & Case who does not want to have the truth about the mismanagement and overall terrible work environment at the firm revealed to the public.
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