Milbank Tweed Hadley & McCloy on Monday laid off 49 associates and 40 staff, a firm spokesperson has confirmed to The Am Law Daily. The cuts represent an 8.4 percent reduction of the firm's lawyer ranks. The firm provided no details about the job cuts.
The layoffs were first reported on the blog Above the Law. A tipster to that site noted that no first-years were let go, and those affected were told the moves are due to the lack of work and not to poor performance.
Like many firms, Milbank has pushed back start dates for its next class of incoming lawyers; it has not reduced associate salaries.
Milbank's revenue fell 3 percent to $621 million in 2008 while its head count rose 9 percent (as of August 31, 2008), according to the most recent Am Law 100 survey, published in the May 2009 issue of The American Lawyer. As a result, revenue per lawyer dropped 11 percent and profits per partner dropped 16 percent.
This article first appeared on The Am Law Daily blog on AmericanLawyer.com.