Jenner & Block Lets Go Of 10 Partners

Law360, New York (October 21, 2008) -- Jenner & Block LLP has reportedly let go of 10 partners, following closely behind a number of big-name firms that have downsized in response to economic troubles.

The law firm recently informed 10 equity and non-equity partners, most of whom were based in Jenner's Chicago headquarters, that they were being fired, the National Law Journal reported, citing an anonymous source. The layoffs cut about 6 percent of the firm's 155 equity partners and 2 percent of its entire 490-attorney staff, it said.

Susan Levy, Jenner's managing partner, declined to confirm or deny the news.

“Today in this economy all well-managed firms, like Jenner & Block, must assess operations, staffing and expenses on a continuing basis, and Jenner & Block is making selected staffing changes to better align our expertise and services with current and anticipated client needs,” Levy said on Tuesday.

“We're having a good year and expect 2008 to be ahead of 2007, but we're just being vigilant in this economy,” she said.

Associates will not be affected by these moves, and the firm's three offices, in Chicago, New York City and Washington, D.C., are continuing to pursue and make lateral hires, Levy added.

Jenner already thinned its partners ranks in March, when it reportedly switched at least 10 to non-equity status.

News of the firm's cutbacks came just a week after two fellow Chicago-based firms, Sonnenschein Nath & Rosenthal LLP and Katten Muchin Rosenman LLP, announced similar changes.

Sonnenschein revealed on Oct. 15 that it had dismissed 24 attorneys and over 80 support staff members, just six months after it let go of 37 lawyers. Katten confirmed a day later that it had let go of 21 attorneys who were below partner level and based in several offices.

“Tumult in the financial markets is affecting our clients and dramatically reshaping the contours of the transactional, finance, restructuring and litigation work in the financial services sector,” Sonnenschein Chairman Elliott Portnoy said in an e-mail message sent out to the firm last week, addressing the need for staffing changes.

Also last week, Clifford Chance LLP disclosed that it would lay off 20 associates in its litigation and dispute resolution practice group, making the firm's second round of cutbacks this year and the third since November 2007.

The United Kingdom's Magic Circle firm said in a statement that the associates would be laid off “as sluggishness in litigation matters continues despite market volatility that historically has produced countercyclical balance.”

Cadwalader Wickersham & Taft LLP has also downsized its attorney staff this year, announcing in January that it would hand pink slips to a group of 35 attorneys in its global finance and capital markets departments and then letting go of another 96 lawyers in July from its real estate finance and securitization practice.

In August, Duane Morris LLP and Fried Frank Harris Shriver & Jacobson LLP both announced support staff cuts.

Thelen Reid Brown Raysman & Steiner LLP, Dechert LLP, Powell Goldstein LLP, Holland & Knight LLP and Sutherland LLP have also announced layoffs of administrative staff and/or attorneys within the past year or so.

--Additional reporting by Julie Zeveloff and Christie Smythe