Kirkland & Ellis will cut 20–25 associates

So what? Hey, Kirkland is the richest legal galley in the world. And Above the Law heats up the situation, calling it “stealth layoffs” due to the recession.

What are stealth layoffs: Americans call this word a situation when a company fires people without paying compensation. In other words, instead of honestly saying that there is a recession in the world, there is no work, we are firing you, but you have two salaries, they seem to shift the “blame” for the firing to the lawyer and his supposedly poor performance.

Who exactly is fired: corporate and transactions associates. An Above the Law source said that “the law firm is contending with a downturn in corporate work and overcapacity of transactional hires made in response to last year’s surge in demand.”

Is Kirkland definitely the richest? Damn well. Last year they earned 6 billion. Think about that number for a second. They are paced by Latham & Watkins with 5.4 bn a turnover. In third place by a wide margin is DLA Piper with a turnover of USD 3.5 bn in 2021.

Well, has it started? Most likely yes, it has started. Because the word “recession” does not appear in the news stories of economic publications. Sooner or later, it was necessary to move from the theoretical recession to the practical application of its unpleasant consequences.

✍️ Dima Gadomsky