We haven’t heard of New York firms doing these performance reviews as of yet. But, we will likely see those in December and January. The numbers just aren’t there to support the staffing. They have all been suffering from a dearth of capital markets activity, and I’m not sure at what point they say they have had enough.
— Owen Burman, senior consultant for Wells Fargo Legal Specialty Group, in comments given to the American Lawyer concerning the heavy profit losses Biglaw firms in New York City have experienced through the first three quarters of the year. Specifically, profits for New York firms have declined by 18.3%, while demand in New York has dropped by 2.9%, perhaps fueled by 34% hit in M&A work.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.