Declines to say whether roles in London are impacted
Reed Smith has cut its global workforce by around 2%, citing a “reduced level of demand for legal services”.
Roughly 50 roles are being cut at the international firm, with reports suggesting that these will amount to 30 lawyers and 20 support staff.
The firm declined to say whether any roles in London were affected when approached for comment by Legal Cheek. It did however confirm that those affected will receive individual severance benefits and outplacement services.
A Reed Smith spokesperson said:
“Reed Smith announced on Friday a limited number of reductions affecting lawyers and professional staff totalling less than 2% of its workforce. We are offering each impacted individual severance benefits and outplacement services. These decisions are in response to a reduced level of demand for legal services across the industry and in line with the continual goal of best positioning our firm to meet its commitment to excellent client service while prudently managing our business.”
The cuts come hot on the heels of news that US firm Orrick is set to lay off 6% of its global workforce with around 40 fee-earning and 50 non-fee-earning roles expected to be cut. The firm said the cuts were in response to “a convergence of market forces”. It’s not
Other US players to cut numbers in recent weeks include Dechert, Cooley, Kirkland & Ellis.
