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:
“They say all lovers swear more performance than they are able, and yet reserve an ability that they never perform; vowing more than the perfection of ten, and discharging less than the tenth part of one.”
—William Shakespeare (1564–1616)