Weil, Gotshal & Manges lays off employees, cuts partner pay

The long-lasting recession is cited as the reason for this en masse layoff

Though the dust from the shocking bankruptcy of Dewey & LeBoeuf has pretty much settled at this point, the legal industry is far from stable, as demonstrated by a hefty round of layoffs announced today at Weil, Gotshal & Manges.

The 1,200-lawyer New York firm will be cutting 60 associate lawyers (about 7 percent of all associates) and 110 staff employees. In addition, about 10 percent of the firm’s 300 partners will see serious reductions in their compensation, with some partners losing hundreds of thousands of dollars. An en masse firing like this at a large firm like Weil, is rare, the New York Times’ Dealbook reports.

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