Shearman & Sterling has laid off 38 attorneys and professional staff as a “critical step” to adjust for changing market conditions.
The New York-founded law firm confirmed Wednesday “a limited workforce reduction” that included 26 team members in business services and 12 associates focused mainly on its transactional practice, which are “most affected by current and projected market conditions,” Shearman & Sterling said in a statement.
Shearman’s announcement follows a revelation Tuesday that Davis Wright Tremaine laid off 21 employees in areas where it had “excess capacity or redundancy and misalignment.” Shearman’s cuts also come as it has reportedly been in merger talks with Hogan Lovells.
The firm has more than 850 lawyers around the world, according to Shearman. It reported more than $1 billion in gross revenue for 2021, putting it among the 50 largest law firms in the country.
Other large law firms have also trimmed headcounts in recent months. Cooley late last year laid off 150 lawyers and staff to adjust for slowing demand, and Goodwin Procter earlier this year said that it was laying off associates, paralegals, and other professional staff across its offices. Stroock & Stroock & Lavan cut nine lawyers and 18 staff positions.
“While it is always painful to part ways with colleagues, and we have been able to avoid these actions up to this point,...
A federal judge has dismissed part of Eli Lilly’s lawsuit alleging Empower Pharmacy misled customers about its compounded versions of the obesity drug tirzepatide. But … Sign up to read this articl...