O'Melveny moves ahead with cost-cutting measures

, The National Law Journal

O'Melveny & Myers has reduced its staff and associate headcount amid cost cutting measures that were announced this week, according to the firm and other sources. Five associates are rumored to have been let go in the Los Angeles office. The moves come as O'Melveny's profits per partner have remained at about $1.6 million, on average, during 2006 and 2007, mostly due to a drop in large private equity deals, and as many other firms, including Katten Muchin Rosenman, Sonnenschein Nath & Rosenthal and Clifford Chance, have laid off associates and staff in recent weeks.

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