The cuts were announced to the firm Thursday evening in an e-mail from managing partner Steve Sonberg. In the e-mail, Sonberg said management had been working for months to analyze the firm’s operations and revise its 2009 budget based on the “adverse effects of the current economic downturn.”
“The firm is taking additional steps to address market conditions,” Sonberg wrote. “We are looking at all aspects of our firm’s operations as part of our plan to improve efficiency.”
The layoffs of lawyers and 173 staff members were spread across Holland’s 21 offices. The firm would not disclose how many of the cuts were in South Florida.
The layoffs were announced two days after the firm released its annual financial results showing revenue dropped 1 percent to $606 million last year on top of a dip of 0.2 of a percent in 2007. Profit per equity partner dropped 3 percent to $678,337
The revenue decline was the worst among Florida’s five largest law firms last year.