BigLaw firm lays off 12 associates and 26 staff members because of ‘economic headwinds’
Shearman & Sterling confirmed Wednesday that it has laid off 12 associates and 26 business services staff members.
“In light of the continuing and growing economic headwinds and market conditions, we made the difficult decision to adjust the size of our team in the U.S.,” the law firm said in a statement published by Law.com, which was first with the news, and Above the Law.
The layoffs are “focused mainly on transactional practice areas most affected by current and projected market conditions,” the statement said. “While it is always painful to part ways with colleagues, and we have been able to avoid these actions up to this point, it was a critical step to align our capacity levels with existing client demands.”
In the last few decades, Shearman’s gross revenues lagged behind that of growing competitor firms, Law.com recently reported. Shearman was ranked No. 9 for gross revenue in the mid-1990s. Based on 2021 data, its ranking had dropped to No. 50. The firm is said to be looking for a merger partner.