Am Law 200 firm cuts lawyers and staffers as it looks at cost-cutting measures
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Procopio, Cory, Hargreaves & Savitch confirmed Monday that it has laid off lawyers and staff members.
“After canvassing the firm, as we do every year at this time, the reduction in force resulted in the loss of only 3% of attorneys and staff,” the law firm said in statements to Law.com and Law360. “Our litigation related teams are very busy with a backlog of cases from COVID, and the transactional side is expecting a modest decline. Luckily, our value proposition has historically held us steady even in tough economic times.”
Above the Law broke the news Monday and published the internal email with the announcement.
“Consistent with many of our peer firms, 2022 was not Procopio’s best year,” the internal email said. “Most experts see ‘economic headwinds’ during 2023.”
The internal email said management has been looking at cost-cutting measures and is “implementing accounts receivable and practice management policies mandating best practices.”
The firm also made the difficult decision to “let go several attorneys and staff,” the internal memo said.
Procopio is No. 194 in the Am Law 200 ranking of firms by gross revenue.
Other law firms that have cut lawyers and staff members include Shearman & Sterling, Stroock & Stroock & Lavan, Goodwin Procter and Cooley. And Davis Wright Tremaine has cut staff members.