March 15, 2010

US firms cut London counterparts

Many US firms have recently taken to cutting staff from their London networks as they seek to ride out the slump.

Dewey & LeBoeuf last month launched a redundancy consultation in London in a bid to reduce its associate headcount by approximately 15.

The cut will amount to 9% of London-based associates and see 13% of support staff laid off in the capital.

Latham & Watkins also announced plans to lay off a total of 440 employees across its global network, with the firm’s London office set to lose 15 employees.

The firm will offer severance packages including six months’ salary and six months of continued medical benefits to staff who are cut.

Shearman & Sterling has followed suit and begun redundancy consultations in its London office, where 18 secretarial and support staff are likely to lose their jobs.

The firm also revealed that is has reduced its bonus pool and initiated a salary freeze due to the shaky economic climate.

Last, but not least, White & Case is on track to slash between 80 and 95 legal and support staff jobs in London as part of a firm-wide round of redundancies that will see approximately 400 employees laid off.

ALB