Legal News

From Black Thursday to Blue Monday: More Carnage at Big Firms

By Ashby Jones

The hemorrhaging just won’t stop. When Black Thursday hit back in February, a very naive, hopeful part of us thought we’d seen the nadir (good Scrabble word, nadir). After all, it hardly seemed it could get worse: In the days leading up to and including Black Thursday (Feb. 12, 2009), we witnessed the axing of 828 law-firm associates and staff.

But it wasn’t to be. More cuts follows in the ensuing weeks.

Then came today. We’re not sure what to call it (Black Monday’s been taken, right? And Blue Monday is the the name of a famous droning New Order song), but it’s ugly. For today alone, according to reporting by Above the Law, already the number has reached 731. The main participants: White & Case, which today announced it was laying off 200 associates and 200 staff; Morgan Lewis (55 attorneys and 161 staff); and K&L Gates (36 associates and 79 staff).

ATL points out what might be the most surprising news of the day: that White & Case has signaled that partners will soon be showed the door. In a memo circulated today, the firm says it expects to undertake:

An evaluation of our partnership, which will result in a reduction in the number of our partners, commensurate with current and anticipated business needs.

Sorry to do this, but for those who don’t know the song, we feel obligated to bring you the video to Blue Monday. The song will prove unlistenable to some and dreary and pointless to others. Others might feel compelled to light up a clove cigarette and bust a move, like it was 1982 all over again. [End of post]

Full post as published by Law Blog - WSJ.com on March 09, 2009 (boomark / email).