Legal News

Report: Wilson Sonsini to Slash 45 Lawyers, 68 Staff

By Dan Slater

Another week, another report of massive lawyer layoffs. On the same day that five blue chip companies will reportedly cut a total of 45,000 jobs, law firm Wilson Sonsini is trimming 45 lawyers and 68 staff, according to a report on Above the Law.

From the internal memo, the full text of which can be found at Above the Law:

As you are all aware, the continued economic downturn and weakening of the global capital markets have put enormous pressure on all businesses. . . . Unfortunately, as the general economic environment has worsened, it has become clear that prudent management of our business requires that we take further action. Accordingly, it is with regret that we announce that the firm will be downsizing our associate, legal support, and administrative ranks, with 45 attorneys and 68 staff directly affected. . . .

Given the prolonged economic uncertainty, we must continue to be extremely diligent in managing our business, while still rewarding strong contributions and performance. As such, we will not be making associate step salary increases this year, but we will be paying out bonuses based on the criteria and structure developed by the Associate Bonus Program Steering Committee and announced last fall. . .

A spokeswoman for Wilson Sonsini declined to comment beyond the memo.

Full post as published by Law Blog - WSJ.com on January 26, 2009 (boomark / email).