By the close of business on Friday the 13th, more than 1,100 lawyers and staff in the U.S. had been fired or asked to consider buyouts. Why so much pain in one week? Several theories are making the rounds, including the rocky reception of the federal stimulus package and the already grim balance sheets for 2009. Unfortunately, more bad news may be on the way. One consultant says last week's layoffs will accelerate other firms' decision to lay people off, and law firm leaders aren't offering much encouragement.
February 17, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Even in the darkest days of the dot-com bust earlier this decade or in the recession of the early 1990s, there was never a day like Thursday in the world of law firms.
In the space of a few hours, some 300 lawyers — the equivalent of a midsize firm — were handed pink slips around the country. And by the close of business on Friday the 13th, more than 1,100 lawyers and staff had either been fired or asked to consider buyouts.
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