Orrick, a San Francisco-based law firm, has made the decision to lay off around 6 percent of its global workforce. Approximately 40 lawyers and 50 staff members have been affected by this move. This action is a response to a combination of market forces that have impacted the firm.
In a statement, Orrick cited reduced client demand in certain areas due to market uncertainty, as well as the influence of technology, data, and the changing workplace on the support required to serve clients and run the firm. The layoffs are believed to affect employees both within and outside the United States, but the specific impact on Orrick’s London office has not yet been clarified.
Orrick has implemented a comprehensive support package to assist individuals impacted by the workforce reduction, encompassing financial assistance and resources for well-being. Furthermore, the company has made the decision to delay the commencement date for its newly qualified (NQ) associates in the United States, now scheduled for January 16, 2024, accompanied by a stipend of $15,000 as a gesture of support.
It is worth noting that other prominent U.S. law firms, including Cooley and Kirkland & Ellis, have also recently announced layoffs. The legal industry appears to be grappling with various challenges, leading to these difficult decisions by some firms.
