Shearman & Sterling has laid off 38 attorneys and professional staff as a “critical step” to adjust for changing market conditions.
The New York-founded law firm confirmed Wednesday “a limited workforce reduction” that included 26 team members in business services and 12 associates focused mainly on its transactional practice, which are “most affected by current and projected market conditions,” Shearman & Sterling said in a statement.
Shearman’s announcement follows a revelation Tuesday that Davis Wright Tremaine laid off 21 employees in areas where it had “excess capacity or redundancy and misalignment.” Shearman’s cuts also come as it has reportedly been in merger talks with Hogan Lovells.
Other large law firms have also trimmed headcounts in recent months. Cooley late last year laid off 150 lawyers and staff to adjust for slowing demand, and Goodwin Procter earlier this year said that it was laying off associates, paralegals, and other professional staff across its offices. Stroock & Stroock & Lavan cut nine lawyers and 18 staff positions.
“While it is always painful to part ways with colleagues, and we have been able to avoid these actions up to this point, it was a critical step to align our capacity levels with existing client demands,” Shearman said in the statement.
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