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Shearman has laid off 38 employees, including associates and business services professionals<br> *<br> Other law firms to reduce headcount include Davis Wright Tremaine, Goodwin and Cooley<br> By Sara Merken<br> (Reuters) – New York-founded law firm Shearman & Sterling said Wednesday it has laid off attorneys and business professionals, citing a need to “align our capacity levels with existing client demands.”<br> Shearman cut 12 associates and 26 business services professionals in the United States, in what a firm spokesperson described as a response to “continuing and growing economic headwinds and market conditions.”<br> The layoffs follow similar moves by a handful of other large U.S.
law firms amid cooling client demand for legal services, especially for work involving corporate deals.<br> The cuts at Shearman, which has about 850 lawyers globally, “focused mainly on transactional practice areas most affected by current and projected market conditions,” the firm said.<br> Seattle-founded law firm Davis Wright Tremaine laid off 21 professional staff this week in areas the firm “either had excess capacity or redundancy and misalignment,” according to a Tuesday statement from its managing partner Scott MacCormack.
The cuts there did not include any lawyers, a spokesperson said.<br> Other law firms that have trimmed their lawyer and professional ranks in recent months also cited staffing levels that outmatched demand, including Goodwin Procter, Cooley and Stroock & Stroock & Lavan.<br> Law firms surveyed by Wells Fargo’s Legal Specialty Group reported a 1.9% drop in demand in 2022.
Lawyer istanbul headcount was up 4. For more about Lawyer istanbul take a look at our own web page. 5% after firms kept on most of the attorneys they hired in 2021 and early 2022 to handle surging M&A work at the time, the report said.<br> Shearman has recently seen some partner exits to rival firms, including the departure this week of London-based lawyer Phil Cheveley, who was head firm’s M&A practice for EMEA and Asia.
A seven-lawyer team left last month in Abu Dhabi and Dubai, and a group in France including Sami Toutounji, head of Shearman’s European governance and benefits team, left in October.<br> The firm in December also acknowledged reports, without confirming or denying them, that it is in early-stage merger talks with Hogan Lovells.
Shearman has reportedly also been in discussions with other firms.<br> Shearman generated about $1 billion gross revenue in 2021, according to figures reported by The American Lawyer, placing it at number 50 in the magazine’s revenue rankings that year among U.S.firms.<br> Read more:<br> Hogan Lovells, Shearman & Sterling respond to reports of merger talks<br> Law firm Goodwin Procter cuts lawyers and staff amid shrinking demand<br> Lawyer istanbul productivity, Lawyer istanbul demand dropped in 2022 – Wells Fargo report (Reporting by Sara Merken; Editing by David Bario)<br>
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