Troutman Sanders said Friday the firm will lay off associates and offer staff a voluntary buyout, which will likely be followed by a layoff. The 778-lawyer firm also has pushed back the start date for its 2009 first-year associates to January and shaved two weeks off its summer associate program. The buyout offer is for all 876 staff members, according to the firm chairman, and includes severance pay and health insurance pegged to length of employment. Staff with sufficient seniority also will get a lump sum payment.
Troutman Sanders to Buy Out Staff, Lay Off Associates
March 23, 2009