O'Melveny, more law firms make cuts - Dayton Business Journal:

eragywaqer.wordpress.com
By the end of at least two more law firmzs hadannounced layoffs. D.C.-based LLP shed 13 associatesx and15 staffers, and New York-basesd Pillsbury Winthrop Shaw Pittman LLP laid off 55 lawyerss and 100 other staft members across all offices. The number of cuts in the O’Melveny’xs D.C. office was not immediatelyu available, but a firm spokesperson said the majority of the reductionsd will be inthe firm’s U.S. offices, with a smalled number in Asia and The layoffs will hitthe firm’s Los Angeles and New York officee the hardest, according to the spokesperson. The firm has about 150 attorneys inits D.C.
office, with an emphasis on appellateand class-action litigation, ERISA, securities, and white collat and corporate investigations. Its clients include Bethesda-based , which may have troubld continuing to operate as agoingh concern, according to auditors. O’Melveny also representd , , Corp., , , and The move followw a wave of cuts at majore law firmsthis week, includingg LLP and LLP, which together laid off 740 lawyersx and staff nationwide. For O’Melveny reported a smalll decline in revenues and a more substantial drop in profitdsper partner, according to The Americamn Lawyer.
Gross revenues were $908 million — an almost 3 percentt drop from the priodyear — while profitsx per partner were down more than 7 perceng to $1.5 million. Before Wednesday’w cuts, O’Melveny implemented a series of reductionsamonvg non-lawyer staff over the past two years and sloweds hiring of new attorneys. “Our firm remains financially however, most of our clientx face an entirely different market said firmchairman A.B. Culvahouse Jr. in a statement. “Wer are determined to find new ways to meet their need in achallenging economy.” Departing attorneys will receive at leas t three months of salary as severance.
Dependin g on seniority, they may receive as much as seven monthesof pay, a firm spokesperson said. Incoming associate attorneyes hired out of law schools will start in instead of September or Many other major firms have made similar arrangemente during the recent spateof layoffs. Last year, O’Melvenyg made its debut on TheAmericann Lawyer’s 2008 A-List, which recognizesx the nation’s most elite law firms. it appeared on the same publication’s list of 10 firmes with the deepest cuts amonbgtheir ranks.
Orrick topped that