Blawgs are reporting that Cravath has been holding stealth layoffs of associates since December 2008, letting 25 lawyers go for “performance” reasons.
According to online sources, more layoffs are expected this month. Cravath has refused to comment.
Apparently this news is coming out because laid off associates are angry that Cravath will pay incoming 2009 associates $80,000 to defer to 2010.
Cravath, Swaine & Moore LLP is based in New York City, with an additional office in London. The second oldest firm in the US, Cravath was founded in 1819.
