Big Law Firms Continue to Cut Global Workforce Amid Demand Slump
Reed Smith, a top 50 Am Law firm, is cutting about 2% of its global workforce, impacting around 50 employees, including 20 staff members and 30 lawyers. The firm cited a reduced level of demand for legal services across the industry as the reason for the layoffs. Impacted individuals are being offered individualized severance benefits and outplacement services. Severance packages for affected individuals are based on seniority, ranging from two to four months of benefits.