Stroock Laying Off 10% of Associates & Staff; Fried Frank Axes 99
After a law firm layoffs lull for several weeks, it appears that the pace may be picking up again.
Stroock Stroock & Lavan has just announced that the firm will be laying off 10 percent of its associates and staff, reports Above the Law, based on information from an unidentified law firm spokesperson. The firm, which apparently did not provide exact numbers of those who are being cut, also is “continuing to evaluate the appropriate start date for our incoming class,” the spokesperson stated.
And that follows news earlier today from Fried Frank Harris Shriver & Jacobson that it is asking 41 associates and 58 staff members in its United States offices to leave, according to Above the Law and the Am Law Daily.
The firm also announced in an internal memo that it is shortening its summer program by two weeks and deferring the start date for incoming first-year associates until January 28, 2010. These incoming first-years will receive a $10,000 stipend.
“We are also offering an opportunity for members of the fall 2009 class to defer until the fall 2010,” the Fried Frank memo continues. “We are encouraging those associates to develop their legal skills by pursuing a public interest or government position or by volunteering with a legal, political or community-based organization. Those who elect this deferral will receive a stipend of $70,000 plus health benefits.”
The firm recently reported a 23 percent drop in profit per equity partner.
