Orrick, Herrington & Sutcliffe announced Thursday that it's laying off 40 associates and counsel and 35 staff. The cuts come in practice areas most affected by the slowdown: structured finance, real estate and corporate. "This is the most significant financial crisis in my lifetime," said Orrick Chairman Ralph Baxter Jr. "It is something that happened relatively suddenly: It dropped and stayed down, and it produced a need to do this." Baxter emphasized that none of the cuts is performance-based.
Orrick Lays Off Associates, Staff in Response to Downturn
November 14, 2008