Reed Smith to lay off 26 lawyers, 74 other workers
Reed Smith is laying off 26 junior lawyers, mostly in the United States, plus 74 more support staffers, because the global recession is sapping transactional work for lawyers.
The action is the second round of furloughs since December, when the Downtown firm said it had to let go of 115 support staff nationwide, including nearly 20 locally. The cuts included information technology, finance, marketing, administration and human resources.
Global managing partner, Greg Jordan notified the employees early Tuesday that the latest cuts would include associate attorneys — 17 in the U.S., and probably nine in its London office.
It was not immediately clear how many local jobs would be affected. Reed Smith employs about 600 Downtown, including 213 attorneys.
"The decline in worldwide demand for transactional services in the first quarter of 2009 has required Reed Smith to make further adjustments in our work force," said Jordan's notice to employees.
Lawyers affected are those in corporate and real estate practice areas. The "turbulent global economy" is causing Reed Smith to "realign our capacity," said Jordan.