10% of lawyers and staff members laid off at Silicon Valley-based law firm
Silicon Valley-based law firm Gunderson Dettmer Stough Villeneuve Franklin & Hachigian said in an internal memo Tuesday it is laying off 10% of its lawyers, paralegals and staff members in its U.S. offices “in response to current macroeconomic and market conditions.”
The memo also said Gunderson Dettmer is informing incoming associates who are graduating this spring that their start dates may be deferred. The start dates will vary by office and by practice group.
Publications covering the layoffs include Law.com, Bloomberg Law and Above the Law, which posted the memo.
A Gunderson Dettmer spokesperson confirmed the layoffs to Bloomberg Law but did not comment further.
The firm will provide severance benefits and outplacement support to those laid off. Incoming associates with deferred start dates will receive semimonthly stipends.
“We have taken these difficult steps to right-size the firm, but today’s actions will not change our mission, culture or the outstanding service we provide to our clients,” the memo said. “We are unwavering in our focused strategy of serving market-leading venture capital and growth equity investors and pioneering companies that drive the innovation economy.”