UPDATE: We just got the Cooley layoff memo: 52 lawyers and 62 staff got axed. Here's what the all-hands memo from CEO Joe Conroy says:
"Today, Cooley is implementing a firmwide reduction in force of 52 attorneys and 62 staff personnel.I can assure you that the decision to undertake this reduction was not made lightly and that we are providing a comprehensive severance benefits as well as career counseling services.
Given the continued slowdown we have experienced in pockets of the Firm over the last five months and the forecast for continuing global economic turmoil in 2009, the Executive and Management Committees concluded that a reduction is necessary at this time."
To read the whole memo, click here: pdf.
Interesting that Cooley should be so quick to layoff lawyers. The firm reported relatively strong financials for 2008 (Check 'em out here.) Now, they join locals Orrick and Gunderson and many other firms across the country in the layoff craze. All eyes are now on MoFo and Wilson Sonsini.
— Zusha Elinson
MoFo could avoid associate lay-offs by trimming the partnership of those partners who pretend to be playing a management or quasi management role. They are just free loaders. Very expensive passengers. Layoff the "managers" before any associates!!!!
Posted by: Harold | January 22, 2009 at 11:45 PM