Will Tech-Focused Biglaw Firms Be Forced To Conduct Layoffs This Year?
Yikes, we certainly hope the layoffs aren't coming for folks at these firms....
Ed. note: Welcome to our daily feature, Quote of the Day.
I don’t think any bubble has burst. The work will return, but it may not be coming simply fast enough for these firms to keep up, especially with the pay raises that were given.
— Kate Reder Sheikh, a California legal recruiter for Major, Lindsey & Africa, in comments given to Bloomberg Law on the recent layoffs announced by Fenwick & West. She named several reasons why Fenwick may be having difficulties, ranging from how interest rates are affecting venture work, overhiring, and associate salary raises. Reder Sheikh went on to note that tech-focused firms that didn’t announce layoffs last year “unfortunately have good odds of having to do them in 2024.”
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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 and Threads or connect with her on LinkedIn.
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