Milbank Seeks Secretarial Cuts Ahead of HQ Relocation
The Am Law 100 firm, which is poised to give up its longtime digs in New York's Financial District for a new headquarters in midtown Manhattan, is reportedly offering buyouts to secretaries and other staffers.
September 29, 2017 at 06:03 PM
3 minute read
A little more than 12 months ago, New York-based Milbank, Tweed, Hadley & McCloy confirmed that it would give up its longtime digs in the city's Financial District for a new office at 55 Hudson Yards, a development being constructed on Manhattan's West Side.
This week, in anticipation of that move, Milbank issued a statement saying it would offer voluntary buyout packages to its legal secretaries in New York. In the statement, first obtained by Above the Law, the firm said it would start using a “team-based legal support staff model”—or secretarial pools—rather than permanently assigned relationships between lawyers and their secretaries.
“Milbank is transitioning to a team-based legal support staff model, which is in widespread use throughout the industry,” the firm said. “To facilitate this change, the firm has offered its legal secretaries in New York a generous voluntary package that includes an incentive payment, severance commensurate with years of service and paid health benefits.”
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