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My firm and my husbands firm (both v50) said that they are not contemplating layoffs.
Conversation Starter
So kind of them to give you all some peace of mind. All the associates at my firm are so stressed due to the lack of clarity on whether layoffs are going to happen
Subject Expert
There was one other FB string today about layoffs at an Amlaw 200 firm but it sounds like most of the people laid off were law clerks. Don’t know about their practice but being in trouble so quickly suggests they were in trouble before this month. My V25 firm is on pre-pandemic plan for the month and have a great balance sheet so we are a long way from staff reductions. So the broader point is the risk of severe cost cutting depends on a lot of variables, including in particular the skill of your management team, your firm’s financial strength, your practice area and client mix, and firm culture and values. And even if there are cuts those variables and maybe others will determine who goes. Could be staff, associates, no legal professionals, partners, or a combination. I suggest focusing intently on controlling what you can control — how hard and well you work, care for yourself and others, and following public health guidance — because fretting is not going to help and may actually get in your way.
Thanks, TY1. That helps some. 😊