Kasowitz Layoffs Tied to End of Credit Crisis Cases
Within a couple months of Kapnick's ruling, MBIA settled the litigation with Societe Generale and Bank of America, which wrapped up its four-year legal battle with multiple banks.
"That was a very large case. We had lots of people working on that," the firm attorney said.
Kasowitz Benson generated about $250 million in gross revenue in 2012, according to The American Lawyer. The attorney said the figure was "down a bit" in 2013, but declined to give specifics.
Although layoff announcements have stemmed since the financial crisis, large law firms are keeping a firm control of equity partner head count and overhead expenses.
Last year, Weil Gotshal & Manges trimmed associate head count by 7 percent, and laid off 110 nonlawyer employees. Several firms also have been laying off secretarial staff.
The Kasowitz attorney said the firm is expecting 2014 to be a good year. "We're very busy. Our litigators are very busy, and although things relating to the credit crisis are starting to wind down, a lot of those cases are still very active and we've seen a lot of new work," the attorney said. "We're very hopeful about 2014."