US firms shed 4,200 staff during February
The number of individuals employed in the US legal sector shrank by 4,200 in February, according to new statistics issued last week (6 March) by the US Department of Labor's Bureau of Labor Statistics (BLS). The 0.36% drop from January's numbers reflects a continued series of layoffs by US law firms.The BLS data shows that since February 2008, roughly 21,000 jobs have been lost in the US legal sector.
March 12, 2009 at 01:15 AM
2 minute read
The number of individuals employed in the US legal sector shrank by 4,200 in February, according to new statistics issued last week (6 March) by the US Department of Labor's Bureau of Labor Statistics (BLS).
The 0.36% drop from January's numbers reflects a continued series of layoffs by US law firms.
The BLS data shows that since February 2008, roughly 21,000 jobs have been lost in the US legal sector.
On Tuesday, the Federal Reserve's Beige Book report, which outlines economic conditions in each of the Fed's 12 districts, stated that demand for professional services like legal and accounting "continued to fall" across almost all districts.
The Beige Book report states that only Dallas posted a "modest increase, albeit less-than-expected, in demand for legal services due to increased bankruptcy proceedings".
As a whole, the US economy shed 651,000 jobs in February and the national unemployment rate rose to 8.1%. In January, the BLS reported the unemployment rate at 7.6%.
The report came at the end of a week that saw firms including Pillsbury Winthrop Shaw Pittman, Orrick Herrington & Sutcliffe and Arent Fox announce associate layoffs. Pillsbury confirmed that it had laid off 55 lawyers and 100 staff, with the cuts – which include associates and counsel from across the country – equating to a 12% reduction in the West Coast firm's non-partner ranks.
This article first appeared on The Am Law Daily blog on americanlawyer.com.
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