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Goodwin Procter, a top 20 Am Law firm, is reportedly in the early stages of a layoff process. The firm, which had revenue of just under $2 billion in the last fiscal year, is said to be communicating layoff news to attorneys across its offices. The scale of the cuts is currently unknown, and which specific groups or offices are affected by the layoffs.
This news surprises many in the legal industry, as Goodwin Procter has been seen as a stable and successful firm. However, it appears that the firm is joining the growing list of firms cutting back on lawyers as the economic impact of the COVID-19 pandemic continues to be felt. Other firms in the legal industry, such as Cooley LLP, Gunderson, and Kirkland, have also announced layoffs in recent months.
It appears that firms with substantial-tech work are being hit harder than others in the legal market. The financial outlook for the country is still uncertain. However, with some encouraging economic developments and the memory of the Great Recession still fresh in people’s minds, most firms have hesitated to make layoffs. However, it seems that Goodwin Procter has decided to take this step.
It is worth noting that according to a tipster, the layoffs at Goodwin Procter were not tied to any review or performance evaluation. The firm is said to be taking a straightforward approach to the layoff process, which is refreshing to hear in an industry that has embraced the “stealth” layoff, where leadership tries to make individual lawyers feel like it’s their fault they’ve been let go.
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Layoffs are always challenging and can negatively impact the affected employees and the company’s reputation. Still, companies that are open and honest about the reasons behind them are more likely to be viewed positively in the long run. While no company wants to be known for layoffs, transparency can help maintain trust and respect from employees and attract and retain top talent in the future.
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To sum up, Goodwin Procter, a leading law firm within the top 20 Am Law firms, is in the initial stages of layoffs. The details of the cuts, including the extent and scope, have yet to be made public, and it is unknown which teams or locations will be impacted. The firm is said to be communicating layoff news to attorneys across its offices. The legal industry continues to be impacted by the COVID-19 pandemic, and it remains to be seen how this latest development will affect the industry as a whole. It is worth noting that the firm is taking a straightforward approach to the layoff process, which is a positive sign for the industry.
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