Recession Performance
Despite a deep recession which hurt law firms nationwide, the Boston Globe reported that Bingham performed very well financially. In 2009, Bingham's gross revenues increased 12% and profits per partner increased 2%. Chairman Jay Zimmerman was quoted as saying "We’ve had our best year ever."
However, despite an increase in revenues and a "best year ever," Bingham froze salaries, and in March 2009 laid off 16 attorneys and 29 support staff. A firm-wide memo explained that the layoffs were necessary to protecting the jobs of the more than 2000 remaining employees, a claim that appears at odds with Bingham's unusually strong performance that year.
Read more about this topic: Bingham Mc Cutchen
Famous quotes containing the word performance:
“So long as the source of our identity is external—vested in how others judge our performance at work, or how others judge our children’s performance, or how much money we make—we will find ourselves hopelessly flawed, forever short of the ideal.”
—Melinda M. Marshall (20th century)