Orrick Herrington & Sutcliffe, a prominent global law firm, recently announced its decision to lay off approximately 40 associates and 50 staff members, accounting for roughly 6% of its workforce. The layoffs were confirmed through a statement released by the firm and have been reported by Law.com, Above the Law, and Bloomberg Law.
In addition to the layoffs, Orrick has also decided to postpone the start dates for its incoming associates. Previously scheduled to begin their tenure at the firm earlier, the new associates will now commence their roles on January 16, 2024.
The affected employees will continue their work until June 30 before officially parting ways with the firm. However, Orrick aims to provide support during this transition period. Laid-off individuals will receive a comprehensive transition package, which includes financial compensation, health insurance reimbursement, outplacement services, and access to wellness resources. Bloomberg Law reports that associates who have been laid off will be covered for four months following their layoff notice, while staff members will be eligible for coverage based on their length of service.
To alleviate the financial burden on deferred associates, Orrick plans to offer a $15,000 stipend to support them during this extended period. Additionally, the firm will provide funds to assist with purchasing health insurance and offer access to wellness resources, acknowledging the importance of physical and mental well-being during this challenging time.
Get access to exclusive job openings and submit your resume to BCG Attorney Search now.
According to Orrick, the decision to implement these layoffs is primarily driven by reduced client demand in specific areas, influenced by market uncertainty and the evolving impact of technology, data, and workplace dynamics on the legal industry. The firm recognizes the need to adapt to changing client needs while maintaining efficient operations, and as a result, some positions have become redundant.
These recent developments at Orrick Herrington & Sutcliffe underscore the challenges faced by law firms amidst a rapidly evolving landscape. Like many others, the legal industry has experienced significant shifts due to market uncertainties and technological advancements. As clients’ demands and expectations change, law firms must adapt their service offerings and operational structures to remain competitive and relevant.
The decision to lay off associates and staff members is difficult, as it affects individuals and their livelihoods. However, by providing a comprehensive transition package, Orrick aims to support those impacted and ease their transition into new opportunities. The firm’s commitment to providing health insurance coverage and access to wellness resources demonstrates its dedication to the well-being of its employees, even during challenging times.
As Orrick Herrington & Sutcliffe moves forward with these changes, it will continue to evaluate its business strategy and align its resources to better serve its clients and maintain its position as a leading global law firm. These adjustments reflect the firm’s proactive approach to the evolving legal landscape and its commitment to delivering exceptional legal services while prioritizing the welfare of its workforce.
Orrick Herrington & Sutcliffe has confirmed the layoffs of approximately 40 associates and 50 staff members, representing about 6% of its global workforce. The firm has also postponed the start dates of its incoming associates and aims to support those affected by providing a comprehensive transition package. These changes come in response to market uncertainty, technological advancements, and shifting client demands. Orrick remains dedicated to adapting its operations to effectively serve clients while prioritizing the well-being of its employees.