BCG News - 01/28/09 | BCGSearch.com

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BCG News - 01/28/09

01/28/09

More Layoffs
Wilson Sonsini Goodrich & Rosati

on Monday. The layoffs initially became public when the memo from CEO John Roos detailing the layoffs was posted on the Internet. The firm reiterated what has been said by many other companies these last few months when it said that all of the layoffs were "economic" decisions and not based on job performance. Roos, stating that they had done everything they could to mitigate the impact of the slowing economy on their firm, said, "Unfortunately, as the general economic environment has worsened, it has become clear that prudent management of our business requires that we take further action.
 
BCG News - 01/28/09

Lawyers to Sue Lawyers
After 7 partners in their London office decided to pack up and leave for Paul Hastings, Caldwater Wickersham & Taft has threatened to sue. This comes after an initial promise of an amicable separation. Under direction from Caldwater, UK employment specialist, Lewis Silkin, has written a letter before action is taken to the departing partners stating that they broke the terms of their partnership agreement by enticing associates and support staff to leave with them.

6 Senior Legal Staff Laid Off at Merrill Lynch, 35,000 Cuts to Follow
Merrill Lynch's global restructuring led to the decision Monday to immediately part ways with 6 of their top legal staff. Merrill Lynch was acquired by Bank of America last September for $50 billion and has made no secret of what lies ahead for the financial behemoth. While the investment bank's vice chairman and general council, Rosemary Berkery, will retain her position, the same cannot be said for everyone else. According to a Bank of America spokesperson the company intends to eliminate 30,000 - 35,000 jobs over the next three years. The spokesperson said the cuts would come from both companies and from all lines of business and staff units.

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