While the true reasons behind the Sullivan & Cromwell layoffs are not known—the firm has not made any public comment regarding layoffs of around 50 staff members that were reported last week—the assumption from sources is that it was a business decision rooted in pandemic-fueled economics. But that might not be the full story.
Sullivan & Cromwell ranks fourth in the Am Law 100 in profits per partner, is not leveraged and owns its own building. If a firm like that is jettisoning staff to save money, what does that mean for those who don’t enjoy the stability and resources of the white shoe, Wall Street giant?
