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Cooley has laid off 150 attorneys and employees in what the legislation agency is looking a “painful however vital” step to regulate for slowing demand.
The agency has let go of 78 attorneys and 72 paralegals and enterprise personnel by way of its US workplaces, Chairman Joseph Conroy stated Wednesday in an inner e-mail obtained by Bloomberg Regulation.
A majority of the reductions got here from the agency’s company crew and primarily consisted of associates and some counsel, an individual acquainted with the matter stated. No companions had been part of the reductions, and there aren’t any plans for additional cuts, the individual stated.
“Merely put, we employed extra expertise than we are able to moderately develop, prepare and deploy in opposition to present and anticipated consumer demand,” Conroy stated.
That is the second spherical of layoffs undertaken by the tech-focused agency, which earlier this yr showed the exit to a bunch of associates amid a downturn in offers and different work. Cooley described the earlier cuts as performance-based selections, slightly than layoffs.
Cooley was one of many prime recruiting companies in the course of the pandemic, scooping up companions and associates from rivals. Shifting financial circumstances have stalled booming capital markets and mergers and acquisitions exercise this yr.
“In the end, nevertheless, our recruiting success proved to be misaligned with the surprising financial downturn that has occurred and can seemingly persist effectively into the yr forward,” Conroy stated.
“The result’s that a few of our apply teams and administrative capabilities are considerably overbuilt.”
The agency is providing “complete severance advantages” to laid off attorneys and employees, Conroy stated.
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