Kilpatrick Stockton announced late Tuesday that it had laid off 24 associates and counsel spread across all of its U.S. offices.
"We have a strong commitment to our people, which makes these departures extremely difficult, especially in the current economic environment," read a statement by Diane Prucino, the firm's co-managing partner. "We all understand the impact that this action will have on each of these attorneys and their families.
She said each lawyer "will receive a competitive and generous severance package."
"These actions are driven by the current economic downturn," Prucino said, adding that the layoffs were "structured to further the long-term success of the firm and to enhance the achievement of our strategic goals through more efficient use of personnel and realignment of our expense structure."
The Fulton County Daily Report's latest financial survey of big Atlanta firms showed that Kilpatrick Stockton grossed $276 million in 2008, a 4 percent increase from 2007, with an average profit per partner of $703,152, a 7 percent increase.
The firm last week announced that its first-year lawyers hired for this fall will not start until April 2010.
Kilpatrick Stockton joins King & Spalding, Alston & Bird and Troutman Sanders, among others, that have announced layoffs in the past two months.
