Orrick Herrington & Sutcliffe is laying off around 40 associates and counsel, the firm announced yesterday (13 November).

The cuts come in practice areas most affected by the slowdown – structured finance, real estate and corporate. In addition, the firm is laying off approximately 35 staff.

The firm said in a statement that the actions were prompted by the global economic crisis which reduced transaction flow in certain practice areas, causing 'material overstaffing'.