What a difference a year makes. February 2009 blew away all previous layoff totals as the wave started to surge (only to be eclipsed by March ’09).
February 2010 may be the harbinger that the tide has receded and firms are no longer resorting to mass layoffs to reduce expenses.
After the jump, details on February’s layoffs and a look back to put it in context.
Only three firms were reported to have laid people off in February, down from five in January. That’s the fewest since August, but is consistent with the last seven months, during which only a handful of firms have had reported layoffs.
[Note: click to embiggen any chart]
The number of people laid off by major law firms also dropped in February, to 110, down from January’s 136. Take out the lull for the December holidays, and that’s the fewest people laid off in any month since September 2008.
The number of associates laid off was flat, though – 45 in February, 46 in January. Still, it’s not likely that attorney layoffs will ever catch up to the staff cuts at this point. Attorneys account for just under 40% of the 14,457 layoffs tracked to date.
Firms that had reports of layoffs in February:
- Ashursts (9, all lawyers – partners, in fact)
- Drinker Biddle (7, all lawyers)
- Howrey (94, 29 lawyers/65 staff)
More detail about the layoffs and the other cost-cutting measures firms have embraced can be found in the weekly analyses:
- This Week in Layoffs – 2/26/10
- This Week in Layoffs – 2/20/10
- This Week in Layoffs – 2/12/10
- This Week in Layoffs – 2/5/10
What do you think, is that the end of an awful era?
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