Corporate Legal Department Layoffs: The Market in 2008

Markets are braced for more hemorrhaging in jobs, with a Friday employment report expected to record 200,00 more jobs vaporized in October. This would push the jobless rate up two—tenths of a point to 6.3 percent.

December could be an even more brutal month for in-house attorneys as the economy continues to worsen and more companies look for ways to cut costs before the end of the year.

What affects the market as a whole also affects legal departments While there are many lists detailing law firm layoffs, little information is available regarding corporate legal department layoffs. While some companies have received specific publicity for their in-house attorney layoffs; the majority of corporate legal department layoffs are folded into overall company layoffs.

[We will continue to monitor the market, update this list, and attempt to provide more figures regarding corporate legal department layoffs.] Here's a rundown of some of the publicized mass corporate legal department layoffs:

• Bearn Stearns. 100+ legal positions.
• Lehman Brothers. 200+ legal positions.
• Merrill Lynch. Exact numbers unknown.
• Wachovia. Exact numbers unknown.
• Home Depot. 17+ attorneys.
• JP Morgan Chase. Exact numbers unknown.

Have you been part of a corporate legal department layoff? Please share your stories, an help us keep an accurate tally.