“We are not immune to the continued deterioration in market conditions,” firm Chairman Harvey Freishtat said in a memo today to employees. “The business of our clients has slowed and this has affected our own levels of activity, particularly in the transactional area.”
The firm, which was founded in Chicago, had about 1,100 lawyers and 1,210 nonattorney employees before the reduction. McDermott follows in the footsteps of other major law firms across the country, including Morrison & Foerster, Blank Rome and Mayer Brown, that have also cut their attorney workforces in recent months in the face of decreased client demand in certain areas, such as real estate and financial securities work.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]