BCLP latest firm to trim its employee ranks |
Bryan Cave Leighton Paisner (BCLP) said Thursday it has laid off 47 business services professionals globally, becoming the latest firm to trim its employee ranks in recent months. BCLP, which has about 1,275 lawyers in 31 offices, said the cuts will mainly affect secretarial and administrative positions in the U.S. and that no lawyers were let go. Earlier this month, Dechert let go of 55 lawyers and 43 business professionals, representing 5% of its global workforce. Other firms including Cooley, Goodwin Procter, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Lowenstein Sandler, Davis Wright Tremaine, Perkins Coie, Shearman & Sterling and Stroock & Stroock & Lavan have also laid off lawyers, staff or both since the fall. BCLP generated about $845.2m gross revenue in 2022, marking about a 3.8% decline compared with 2021, according to The American Lawyer. The 100 largest U.S. law firms grew gross revenue by 2.7% on average last year, but profits per equity partner dipped by 3.7%, figures show.