In the year leading up to 45 lawyers and additional staff being cut at Reed Smith, the firm saw gross revenue drop 2.5 percent and profits per equity partner (PPP) fall 8.3 percent.
Global managing partner Sandy Thomas said the 2016 layoffs had nothing to do with the decline in core financial metrics in 2015. On the whole, Thomas said 2015 was a solid year. He attributed the dips to certain mass tort and intellectual property matters resolving earlier than expected, a slowdown in the energy sector and the investments the firm made in opening its Frankfurt, Germany, office in June.
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