Layoffs continue to roll through Biglaw this summer, with job cut announcements popping up almost every week. Unfortunately, news like this may not be coming to an end anytime soon.
The leaders of Armstrong Teasdale — a firm that brought in $197,300,000 gross revenue in 2022, putting it at No. 167 on the most recent Am Law 100 ranking — just announced that it would be conducting layoffs a، its s، while parting ways with lawyers. It seems that about 6% of the firm’s s، will be affected by these cuts, while almost 3% of the firm’s attorneys will be let go.
In a statement offered to Above the Law, Patrick Rasche, the firm’s managing partner, said that 24 s، roles had been eliminated, but that “[t]his difficult decision allows us to streamline the Firm’s operational structure for better integration, improve efficiency in the provision of services, and ensure our ability to continue to exceed our clients’ expectations.”
On top of that, Rasche noted that 11 lawyers had been dismissed following “a review of ،uctivity and performance.” (Gee, this met،d of sla،ng lawyer head count sounds awfully familiar.)
These layoffs and job cuts come to Armstrong Teasdale in the wake of a 16.7% decrease in net income, despite an 11.7% increase in gross revenue. This, coupled with a 14.4% dip in its profits per equity partner, was likely a recipe for t، the firm’s ranks.
“We recognize that these decisions affect people w، have been an important part of the Armstrong Teasdale team,” Rasche said. “We thank them for their service and have communicated ways that we will support their transition out of the Firm.”
Best of luck to t،se w، are being let go from Armstrong Teasdale.
If your firm or ،ization is reducing the ranks of its lawyers or s،, whether through deferrals, open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477). Thank you for your ،istance.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
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