Watch LIVE

Jobless lobbyists now wandering the streets of DC

This March 1, 2013 photo illustration Taken in Manassas, Virginia, shows the US Capitol on the back of the twenty USD bill. US President Barck Obama met Friday with US Speaker of the House John Boehner and Congressional leaders. Obama summoned congressional leaders in a bid to avert a damaging $85 billion in arbitrary budget cuts. Credit: AFP/Getty Images

Oh noes:

Lobbying giant Patton Boggs has laid off 65 lawyers and staff, including 23 from its Washington, D.C. practice, according to multiple reports.

The firm's revenue and net profits had fallen between 2011 and 2012. Lobbying revenue declined five percent from $48.4 to $46 million, according to calculations by The Hill.

The layoffs are an attempt to "align head count with revenue," managing partner Edward Newberry told the Wall Street Journal.

"We're trying to be very disciplined in managing expense and operations," Newberry said.

The move responds to increasing market pressure and is expected to save Patton Boggs about $15 million. The firm has reportedly renegotiated its Washington, D.C., lease, and moved portions of its staff to Virginia, where office space is less expensive.

Just what this country needs: more out-of-work lawyers.

Most recent
All Articles