Seyfarth Shaw Issues Profit Warning, Sort Of

An recent story in the Chicago Tribune looked at a memo from Seyfarth Shaw which announced 50 layoffs and other cost cutting measures.  The most suprising part of the document is the statement that the firm's profit will fall between 5% and 7% for 2009.  As the story notes, law firms don't usually do this, especially since there are no stockholders to satisfy.  The memo seems more designed to put the firm's moves during uncertain economic times into context.  Nonetheless, it is extraordinary, even in a recession.   [MG]