Chicago law firm Seyfarth Shaw is understood to have laid off 40 lawyers in the US - across all levels - and an unknown number of staffers.
The layoffs have hit junior partners, associates and senior attorneys in the firm's offices nationwide of which it has a total of 13. A statement on behalf of the firm said: ‘Amid a shifting market for legal services, we have an obligation to continue managing our business as effectively as possible, while being responsive to the needs of our clients and the market at large.’ It further explained that ‘to meet these objectives, we have made the difficult yet necessary decision that some individuals, both lawyers and staff, will be leaving the firm’.
Cuts come in the wake of rising profits
The cuts come a year after the firm which comprised just under 850 lawyers saw a 6 per cent increase in revenue from the year before to $624 million in revenue and profits per partner up 3 percent to $1 million. It is not clear what the breakdown of the job losses are and which region will be hit hardest.