Bloomberg reports that Barry Wolf, executive partner and chairman of Weil’s management committee, blamed the on-going effects of the 2008 financial crisis – such as the falling off of restructuring and litigation work - for the cutbacks.
Mr Wolf went on to announce plans to reduce the complex commercial litigation practice in Houston and Boston. He also said that the pay-cuts may result in partners leaving the firm.

Lehman Brothers

According to the American Lawyer, the firm was 13th in regards to gross revenue and has maintained its position as the number one bankruptcy firm, most known for the Lehman Brothers Holdings Inc. case.
Similar cuts were made in 2009, when the firm cut 79 staff members. According to Bloomberg, other well-known law firms have also been forced to make changes.