First Crack in the Dam?

Pic: U. Chicago

We and, frankly, most others, are expecting a rush of layoffs in the first quarter.  London’s The Lawyer is reporting on what may be the first in the anticipated wave.

Freeth Cartwright, the 76th-largest UK law firm by revenue, is laying off (in English English parlance, has “begun a redundancy consultation process” with) 45 staff and 15 lawyers.  Not that it’s any consolation to those affected, but Colin Flanagan, the firm’s chairman said:

Ironically, we’re continuing to win market share, but work for new clients takes time to develop and will not compensate for the reductions in activity among many of our established clients.

The firm reportedly had 31 million pounds’ revenue in 2007 and a headcount of 500, of which 64 are partners, 46 associates and 100 other lawyers.

We won’t be adding this to the Layoff Tracker because it doesn’t meet our arbitrary criteria for what constitutes BigLaw, but present it as a harbinger of worse to come.

Related posts:

1. Lehman Fees Crack Half-Billion Mark
2. Bay Area Firms Getting Hit
3. DAs Feeling the Pinch, Too
4. Kirkland Rings in New Year with a Bang
5. Cadwalader Revenues, Profits Sink

Tagged as: layoffs