US firm McKee Nelson lays off 17 associates
US firm McKee Nelson is laying off 13 associates in New York and four in Washington DC in response to the "unprecedented devastation" of the credit markets, reports the New York Law Journal. In a statement on Monday (3 November), the firm stressed the layoffs, which will reduce its lawyer headcount to 174, were not performance-based. "We have analyzed and created a projection of what we believe the structured finance business will look like over the next two years and what resources, capabilities and experience will be required to do that work," the firm said. "These layoffs are a necessary part of the firm's adjustment to this new reality."
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