Shearman & Sterling Lays Off 38 Attorneys, Staff in US (1)

Shearman & Sterling has laid off 38 attorneys and professional staff as a “critical step” to adjust for changing market conditions.

The New York-founded law firm confirmed Wednesday “a limited workforce reduction” that included 26 team members in business services and 12 associates focused mainly on its transactional practice, which are “most affected by current and projected market conditions,” Shearman & Sterling said in a statement.

Shearman’s announcement follows a revelation Tuesday that Davis Wright Tremaine laid off 21 employees in areas where it had “excess capacity or redundancy and misalignment.” Shearman’s cuts also come as it has reportedly been ...