McDermott Will & Emery Lay of 60 Attorneys, 89 Staff
National News
McDermott Will & Emery LLP has laid off 60 attorneys and 89 staff members, becoming the latest Chicago law firm to retrench amid a sharp decline in business.
In an internal memo sent to employees Tuesday, Chairman Harvey Freishtat said the firm performed well last year and remains strong as it moves into 2009.
"However, we are not immune to the continued deterioration in market conditions," Freishtat said. "The business of our clients has slowed, and this has affected our own levels of activity, particularly in the transactional area."
The cut represents about 5 percent of the firm's 1,100 lawyers in 15 offices. It was not known how many lawyers received pink slips in the Chicago office. The firm declined to comment beyond the memo.
The blog "Above the Law" first reported McDermott's layoffs.
Related listings
-
SEC Charges Merrill Lynch with Securities Violations
National News 02/02/2009The Securities and Exchange Commission today charged Merrill Lynch, Pierce, Fenner & Smith, Inc. and two of its former investment adviser representatives with securities laws violations for misleading pension consulting clients about its money ma...
-
Wyeth Shareholders Reluctant to Pfizer Sale
National News 01/28/2009Wyeth shareholders say the company is selling itself too cheaply to Pfizer - for $68 billion, or $33 for each Wyeth share, plus 0.985 of a Pfizer share. The federal class action claims that in the deal, announced Monday, Pfizer is taking advantage of...
-
Missing Fla. hedge fund manager turns himself in
National News 01/27/2009A Florida hedge fund manager who disappeared this month just as he was due to pay investors $50 million turned himself in to authorities Tuesday to face federal securities and wire fraud charges.Arthur Nadel, accompanied by two attorneys, surrendered...
Chicago Business Fraud Attorney
Business Fraud can take many forms. In the broadest terms, a fraud occurs when someone intentionally deceives others for personal gain. Many times business fraud is harmful and recovery is necessary. Losing your personal or business’s assets can devastate your entire life. Contact Roth Law Groupto receive help on restoring your business to normalcy before you were victimized with fraud. Business fraud cases can involve multiple people and complicated schemes aimed at deceiving the public, auditors, investigators, or others. Whether you are dealing with corporate fraud or commercial fraud, we can step in and fight back to receive compensation that you deserve.
At Roth Law Group we are devoted to prosecuting and defending the legal rights of individuals and small businesses, as either plaintiff or defendant. Proving fraud can be extremely difficult. To have a successful business fraud case, one must prove that the defendant purposefully set out to defraud the victim. Fraud cases are being investigated more aggressively than ever. With increasing federal regulation and scrutiny of corporate practises, many individuals and businesses find themselves the subject of business fraud investigations.