Legal Research

Eagan Continues to Cut ? Almost 2% to be Laid Off

By Simon Chester

The Wall Street Journal reports today:

Thomson Reuters Corp. (TRI) said Thursday it will cut 240 jobs in its legal businesses, with layoffs focused on locations in North America.

The company employs about 13,000 people worldwide in its businesses providing data to legal professionals. That represents about a quarter of Thomson Reuters’ 53,000 global workforce. In 2008, its legal divisions, which include West, FindLaw, Elite, Carswell and its legal publishing unit, represented roughly $3.5 billion in revenue.

The legal business is part of the financial data and news provider’s professional division, which sells information to professionals in health care, science and tax and accounting as well as law.

Thomson Reuters has been hurt by the demise of several Wall Street firms over the past year, as it relies heavily upon the financial community’s purchase of terminals and news services. But the company was able to pick up business from acquirers such as Barclays PLC and Nomura Holdings Inc., Chief Executive Thomas Glocer said last month.

Glocer also said he was upbeat about prospects for the legal unit and the company overall, though legal has been a relatively weak performer amid its overall business, hurt by layoffs and cost cutting at law firms.

Full post as published by Slaw.ca on December 03, 2009 (boomark / email).