Layoffs Hit Big Law, Legal Tech: The Morning Minute

COOLEY CUTS – Cooley has laid off 78 attorneys and 72 paralegals and business professionals across its US offices, due to a period of overhiring in the last two years followed by a slump in demand, according to an internal memo. A majority of the lawyers who have been affected are associates, along with a few counsel, a person familiar with the cuts told Law.com’s Justin Henry, adding no partners were laid off.

TECH ISSUES – The legal technology sector could also be in for a painful stretch. Last week, legal tech platform Reynen Court announced that it would be nixing its recently rolled out online stock offering and cutting staff as a cost-reduction strategy. While it’s unclear how many people will be let go, company CEO Andrew Klein confirmed to Law.com’s Isha Marathe that layoffs will indeed happen. In the days following the news, some observers expressed surprise, while others said they had doubts all along—but hindsight is 20/20. What they all agreed on, however, was that Reynen Court’s cutbacks might be the canary in the coal mine for legal tech companies. Indeed, after a year of aggressive hiring across all industries, a possible recession and consistent supply chain issues might lead to more widespread cost-cutting measures in the legal tech market.

ON THE RADAR – The Walt Disney Company was hit with an antitrust class action on Wednesday in California Northern District Court in connection with live TV streaming services. The suit, brought by Bathaee Dunn, is part of a string of cases accusing Disney of misusing its ownership of Hulu and ESPN to negotiate anticompetitive carriage agreements, causing the price of live TV streaming services to double above the market value. Counsel have not yet appeared for the defendant. The case is 5:22-cv-07533, Fendelander et al. v. Walt Disney Co. Stay up on the latest deals and litigation with the new Law.com Radar.

EDITOR’S PICKS

Want to continue reading?
Get an ALM Digital Reader for Free!

Benefits of a Digital Membership

  • Free access to 1 article* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

Register Now

You Might Like

2 minutes read

7 minutes read

2 minutes read

5 minutes read

trending stories

  1. Law.com Pro

    Reprints & Licensing

    Mentioned in a Law.com story?

    License our industry-leading legal content to extend your thought leadership and build your brand.

    Featured Firms

    Law Offices of Gary Martin Hays & Associates PC

    75 Ponce De Leon Ave NE Ste 101

    Atlanta,
    GA 30308

    (470) 294-1674

    www.garymartinhays.com

    Law Offices of Mark E. Salomone

    2 Oliver St #608

    Boston,
    MA 02109

    (857) 444-6468

    www.marksalomone.com

    Smith & Hassler

    1225 N Loop W #525

    Houston,
    TX 77008

    (713) 739-1250

    www.smithandhassler.com

    Presented by BigVoodoo

More From ALM

Premium Subscription

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
ViewNow

team accounts

Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
ViewNow

Bundle Subscriptions

Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
ViewNow

From Data to Decisions

Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends.

Exclusive depth and reach.

Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALM’s deep bench of proprietary information to provide insights that can’t be found anywhere else.

Big pictures and fine details

Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms’ financials, staffing, clients, news and events.

GlobeSt. INDUSTRIAL 2022

December 08, 2022 – December 09, 2022
Scottsdale, AZ

This conference brings together the industry’s most influential & knowledgeable industrial real estate executives

LearnMore

Litigation Associate

A well-respected regional law firm that has represented businesses in Tampa Bay for decades is seeking a commercial litigation associate to …

Apply Now ›

Subscribe to Law.com

Unlimited access to Law.com

Access to additional free ALM publications

1 free article* across the ALM subscription network every 30 days

Exclusive discounts on ALM events and publications

Comments are closed.