The bloodletting at large law firms in 2008 and 2009 was seen as a course correction, meant to right-size the industry for a client base holding tighter to its legal spending. That process may now be playing out again, albeit on a different scale.
This week Reed Smith laid off 45 lawyers and additional staff as part of what the firm called a “restructuring” of its operations. The move comes as firms across the country are struggling to balance attorney head count with flat or declining client demand, consultants said.
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