TGIF! This morning’s top stories:

Shearman & Sterling reports a 4.9% drop in revenues to $876 million for 2008, and a 9.6% fall in profits per equity partner, to $1.665 million…

Allen & Overy, the UK’s fourth-biggest law firm by revenue, will cut as many as 150 lawyers, sever ties with its private client team, and freeze pay…

  

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Without announcement, Day Pitney laid off 66 staff members across it offices yesterday…

Pillsbury Winthrop Shaw Pittman has confirmed online rumors that the firm will be laying off an undisclosed number of attorneys in the near future.

A&L Goodbody will cut 45 jobs, and the firm’s 555 remaining staff are likely to have their pay cut by 10% later this year…