International law firm Linklaters, which last year reported a gross revenue of $2,350,490,000, placing it at No. 16 in the Global 200 ranking, has announced it will be reducing the number of its employees in its three China locations. The news follows earlier predictions by attorneys and staff within the legal profession who anticipated further layoffs within the industry before the end of the year. As reported by Global Legal Post, approximately 30 of the firm’s 220 China-based attorneys are expected to lose their jobs, leaving Linklaters with a workforce closer to 190 attorneys in the country.
Linklaters issued a statement on the layoffs, expressing that the decision is a response to “the prolonged downturn in the China market.” Nevertheless, the company reaffirmed its commitment to the China market, assuring that it continues to possess the “strong capabilities required to service the ongoing needs of our global clients in that market.”
The laid-off employees leave behind one of the largest legal forces among international law firms operating in China. It remains crucial to closely follow these layoffs within the legal profession, and keeping an eye on law firms or organizations reducing their lawyer or staff ranks, through open layoffs, deferrals, stealth layoffs, or voluntary buyouts.
Our best wishes go out to those attorneys affected by these job adjustments at Linklaters. As always, keeping a close and keen eye on such legal industry changes is part of ensuring transparency, fairness, and suitable adjustment to changing global market conditions.