Freshly reported is that Perkins Coie, a law firm that earned $1,155,565,000 in gross revenue in 2021 and ranked 42nd on the Am Law 100, has recently informed its associates of an increase in billable hours required to obtain their full bonus. Additionally, the firm has now implemented another cost-saving measure, which involves laying off 58 business professionals across its U.S. offices. The firm is offering a severance package to those who are affected, which includes severance pay, healthcare coverage cost assistance, mental health support through Lyra Health, outplacement services, a payout for unused paid time off, and sabbatical pay for eligible employees. In a firmwide memo obtained by Above the Law, Firmwide Managing Partner Bill Malley attributed the staff reduction to a combination of economic factors and technological advancements that have replaced once-manual functions.
“The legal industry has shifted again over the past year. Like most law firms, we are navigating macroeconomic forces and market conditions that are driving up costs at a higher rate than revenue. Those conditions have forced us and other law firms to take steps to manage the rate of increase in expenses, while continuing to serve our clients at the highest level and to make investments that support the firm’s long-term growth.
Malley emphasized that the staff reductions are aligned with the firm's commitment to providing exceptional service and ensuring the long-term sustainability and competitiveness of Perkins Coie. Furthermore, the firm plans to organize informational sessions to address any queries that its employees may have regarding the layoffs.
