Lowenstein Sandler has laid off 16 business service professionals across its US offices, the New Jersey-based law firm confirmed Thursday.
The positions were cut in response to “changing client and attorney support needs combined with shifting market dynamics,” which prompted a review of staffing levels, the firm said in a statement.
“As a result of this review, we made the difficult decision to separate from 16 of our business services professionals,” the firm said. “We are grateful to each of these professionals for the valuable contributions made to the firm during their tenure and we are providing outplacement support and resources as they look for other opportunities.”
Lowenstein, which has roughly 300 lawyers across five US offices, joins a growing list of Big Law firms that have in recent months trimmed lawyer and staff headcounts. Tech-focused Cooley in the fall announced it was laying off 150 lawyers and staff to adjust to slowing demand.
Goodwin Procter, Stroock & Stroock & Lavan, Davis Wright & Tremaine and Shearman & Sterling have reduced their ranks.
The job cuts come as many firms face a slowdown in corporate deals work, a key part of business for many firms that reached record levels in 2021 and triggered a hiring frenzy. Average billable hours per lawyer at large law firms dropped by 6% last year, according to a February Wells Fargo & Co. report.
Lowenstein, however, saw profits rise last year. The firm reported $3.6 million in profits per equity partner in 2022, a 27% spike from the prior year, according to the American Lawyer. The firm also posted gross revenue of about $452 million.
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