Historically, in weaker economies, companies have had coverage to advise people in the company who have been underperforming relative to expectations. Usually, the worst offenders go first, with companies moving up from the bottom, starting with those that have been underperforming for a number of years.
Layoffs mean, to me, massive layoffs of people. I think this is more of a list of people and offices and what they bring to the business. The people at the bottom of this list are those who have been weak for years. Targeted layoffs of weak players are more likely.
— Kent Zimmermann, legal sector consultant at Zeughhauser Group, in comments given to the American lawyer on what we can expect to see happen in terms of personnel due to the slowdown in demand for legal services, particularly in the area of mergers and acquisitions. On that note, an unnamed global head of the M&A practice told Am Law, “We’re not interested in laying people off,” while saying overall performance was being scrutinized, including attendance at the office and hour expectations.
Staci Zaretsky is an editor at Above the Law, where she has worked since 2011. She’d love to hear from you, so feel free to email her with tips, questions, comments or criticism. You can follow her on Twitter or connect with her on LinkedIn.
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