International law firm Bryan Cave Leighton Paisner recently announced its decision to reduce its workforce by laying off 47 business services professionals across its global offices. This move reflects the ongoing trend of law firms streamlining their employee numbers in response to changing market demands. With a presence in 31 offices and a team of approximately 1,275 lawyers, the firm plans to eliminate 34 positions in the United States and 13 roles in its Europe, Middle East, and Asia offices.
The firm's focus for the layoffs is primarily on secretarial and administrative positions in the United States. Following a comprehensive review of support ratios, these positions were identified as having excess capacity. The restructuring aims to align the firm's business services population with industry trends, technological advancements, and evolving needs.
This move by Bryan Cave Leighton Paisner aligns with the broader industry trend of large law firms downsizing their workforce due to decreased demand for legal services. Many firms expanded their employee base to meet the surge in corporate deal work in 2021 and early 2022. However, as global M&A activity slowed, these firms are now experiencing a cooling demand.
Bryan Cave Leighton Paisner's gross revenue in 2022 amounted to approximately $845.2 million, marking a decline of about 3.8% compared to the previous year, according to The American Lawyer.
While the 100 largest U.S. law firms experienced an average growth of 2.7% in gross revenue in the past year, profits per equity partner saw a decline of 3.7%, as reported by The American Lawyer.
In addition to the layoffs, Bryan Cave Leighton Paisner has made other strategic decisions to adapt and evolve as a firm. These include recruiting ten partners since January and establishing a new Seattle office in April. These actions reflect the firm's commitment to navigate changing market dynamics and ensure its continued growth and success.
