After several banner years for large law firms, cuts have reached the industry
As interest rates rise and companies tighten their belts, white-collar workers have taken the brunt of layoffs and job cuts, breaking with the usual pattern leading into a downturn. WSJ explains why many professionals are getting the pink slip first. Illustration: Adele MorganSome large law firms, citing economic headwinds and slowing demand, are tightening their belts by shrinking their attorney ranks and eliminating professional staff.
The law firms that have cut associate attorneys in recent months include Shearman & Sterling LLP, Goodwin Procter LLP and Stroock & Stroock & Lavan LLP. Davis Wright Tremaine LLP said it would eliminate professional staff, but not attorneys.
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