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No Biglaw firm is immune from having to conduct layoffs — not the wealthiest firm of them all, and not even the most prestigious of them all.
News comes to us from across the pond that compensation leader Cravath has laid off an unspecified number of associates in its London office as the firm attempts to reconfigure its staffing. Cravath’s London office has employed a U.S. finance team since it first opened in 1973, but earlier this year, the firm decided to build out its practice by hiring England and Wales-qualified finance laterals from Shearman & Sterling. RollOnFriday has the scoop on the reported job cuts:
The repositioning has rebounded on the firm’s US lawyers in London, several of whom have been made redundant to make way for lawyers qualified in England & Wales.
According to one source, Cravath “fired the entire class of 2021 and many other associates in London”.
However, another source close to US management denied that an entire year had been terminated, and said that redundancies were made across associate levels.
While Cravath declined to comment on the layoffs, RollOnFriday notes that a source close to management said there had been a “limited adjustment” to the firm’s associate ranks in London, and that “a select number of roles were eliminated.”
Best of luck to those who are being let go from Cravath.
If your firm or organization is reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).
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EXCLUSIVE Mega-paying Cravath axes US lawyers in London [RollOnFriday]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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