King & Spalding announced Friday that it laid off 37 associates and counsel and 85 staff firmwide. The reductions, which constitute 4.2 percent of the firm's lawyers and 6.4 percent of its nonpartners, were due to "the continuing decline in the U.S. and global economies," said Robert D. Hays Jr., the firm's chairman. King & Spalding's revenue increased by 6 percent last year, to $652 million, as the firm continued to expand, but profit per partner dropped almost 12 percent, to $1.23 million.
King & Spalding Lays Off 122 Firmwide, Including 37 Lawyers
March 9, 2009