“The downturn in transactional activity, driven by the world credit crisis and turmoil in the credit markets and financial markets has diminished the number of transactions our clients are doing, especially in structured finance, real estate and certain areas of corporate law,” said Ralph Baxter, chairman and chief executive of Orrick.
In a press release released on Thursday, Orrick said “unprecedented challenges” in the world’s capital markets for the past year lead to the firm’s decision to reduce headcount.
