Lay-offs at Conyers, Dill & Pearman
Bernews unofficially understands that approximately a dozen staff were laid off at leading Hamilton law firm Conyers, Dill & Pearman on Friday [Jan. 7].
When contacted this morning [Jan 10], a spokesperson at the law firm said they cannot confirm nor deny the reports of layoffs at this time, however they expect to issue a statement later today. Unofficial sources indicate that Bermudians and non-Bermudians were impacted by the lay offs.
Established in Bermuda in 1928, Conyers Dill & Pearman now has offices in 11 countries and employs more than 150 lawyers worldwide, more half of them working at the Par-La-Ville Road head office.
Describing itself as “The International Off-Shore Law Firm” in promotional material, CD&P had embarked on a vigorous programme of overseas growth in recent years — opening offices in such far-flung locations as Brazil, Dubai and Singapore.
In 2009 the law firm said it was remaining bullish about the prospect of increased growth despite the onset of the global recession the previous year.
“For the last two years Conyers has been in spectacular growth mode,” the firm said in a media release titled “Hiring Not Firing”. “Can it maintain its momentum? Many firms are dealing with the fallout from the recession by cutting back staff and closing offices. Offshore firm Conyers Dill & Pearman, which is forging ahead with plans to beef up global expertise, is not one of them. Conyers has spent most of the summer recruiting at associate level.”
CD&P advises a Bermudian and international clientele on multi-jurisdictional legal issues spanning the practice areas of corporate, company and commercial; litigation, restructuring & insolvency; and trust and private client services.
The law firm is far from alone, as other large local companies have also experienced economic downturns leading to staff layoffs, reduced hours or pay freezes.
Last month BELCO said in order to delay immediate workforce redundancies, BELCO has implemented a freeze on salary increases in 2011. BELCO is similarly seeking to negotiate a wage increase freeze for its unionized employees, saying it is an effort to delay other cost-containment measures, including temporary lay-offs and redundancies.
In addition, last month Saltus Grammar School said they would make eight staff members redundant as they are “experiencing declining enrolment as the local and international business communities respond to the global economic recession.”
Insurer Allied World also reduced staff last month, with the Bermuda Sun reporting that “Several employees worked their last days just prior to the New Year, with one worker estimating that more than 15 people were made redundant.”
In November 2010, The Bank of N.T. Butterfield & Son Limited confirmed that some staff members have been given reduced working hours, which they say was “part of an ongoing focus on expense management.”
In October 2010, the ACE Group confirmed they will be eliminating 17 employment positions between May and September of 2011.
Earlier last year, Bermuda Telephone Company [BTC] announced plans to cut approximately 25 jobs in an effort to reduce costs as part of a restructuring plan, and Holmes Williams and Purvey [HWP] closed a department, resulting in approximately a dozen job losses.
The 2010 Bermuda Job Market Employment Briefs showed a loss of almost 700 jobs in Bermuda in 2009, with 39,520 jobs counted in 2009 compared to 40,213 in 2008. According to a report from the Chamber of Commerce, more than 3,500 work permits have been lost since 2007, with the report saying that each permit holder accounts for an estimated $100,000 direct spending in the Bermuda economy, which equals a $350 million loss over three years.
Update 1:30pm: While we await an official statement, Bernews has received further details, and multiple people confirm that approximately 5-6 lawyers were laid off, with the remaining workers who lost their jobs working in administration and other areas. We are still clarifying nationalities, however it appears many of those laid off may be non-Bermudians.
Are these still not wake-ups calls for the Government to get serious about attracting international business here? We should be in Zurich, Dublin, New York and London promoting Bermuda as an international business hub. Lower the tax, get rid of useless Government spending (i.e. the 100 or so GP cars) and get rid of the housing restrictions for Bermudians married to a non-Bermudian and let’s get Bermuda looking good again.
Chris,
what about Conyers, Dill & Pearman’s business product? Do businesses share any blame for failures? Do you have information that Government’s policies had something to do with a decline in the private shareholders end of the year bonuses.
A thouroghly IGNORANT response!
Todd,
What would you like for a response. Deny that some business’s have a bad product that causes their own downfall so let’s blame the Government instead. Check the names conyers, dills, pearmans, triminghams, smiths, butterfields, watlingtons, coxs and than view the business closures. So tell us what part of Bros. Chris comments hurt you.
The above is my “A thouroghly IGNORANT response!” Ha Ha Ha
Cheers
CDP is one of the major firms for international business seeking to set up and operate in Bermuda. Then presumably the “bad product” you are referring to is Bermuda itself.
Bermuda’s official hostility to international business, the recent local tax increases, and the external regulatory pressures are all making Bermuda less attractive. This hits the law firms … just like the landlords, the restaurants, the hotels, the taxi drivers, the plumbers …
Bermy,
Take the opportunity and read all of the business section on Bernews from Jan.10th. to Jan.1st. regarding international businesses and report back the facts regarding why we are a prefered off-shore jurisdiction. Bermuda is not the “bad product” or promote an official hostility to IB.
Let your preset bias concept be challenged after reading the business articles.
Cheers and Good Luck in your attitude change.
Thank You Bernews I’ve had a wonderful day with the exchanges.
I would also suggest you have a look at the remarks made by ABIR, etc. regarding their concerns with doing business in Bermuda and the hostile Immigration environment imposed by the PLP. Also, if you happen to be in or know any senior executives in IB (as I do) have a private chat with them regarding these same issues.
In the course of four years Bermuda has witnessed a reduction in thousands of jobs, a billion+ dollar increase in debt and the sustained devolution of our social fabric. These inconvenient facts which you refer to clearly support a downward trend overseen by the Government of the day.
32n64w,
Like you,I also sweep, mop and empty trash baskets in some of those buildings and at times I have conversations with the big cheese and they say the same thing to me.It does not change the fact, why we are a prefered off-shore jurisdiction and not a “bad product” or promote an official hostility to IB.
Take your BS somewhere else.
Drag
You just keep your head in the sand in between your gulps of Kool Aid there Drags.
When firms like CD&P downsize it is clear to most, even if we are not directly involved, that something is not right.
Lots of empty offices around town right now. Empty offices don’t need cleaning. Empty apartmments don’t house people shopping in grocery stores, buying cars, gas, using electricity, paying payroll taxes, on & on the trickle down of IB employees goes.
Defaulting on mortgages comes next along with falling real estate values.
Whats your answer there Drags? I bet I know. It is all the UBPs fault.
Wrong…The PLP has been in power for over 12 years. It is without question the PLPs fault. They chose to ignore warnings, some from UBP members, some from independent people years ago & partied on. Remember Beyonce came here?
No Drag, the mess is in your lap. Deal with it.
Triangle Drifter,
How you wish for the good ole days when you had control. Like they say “and that will pass” HA HA Ha
Let it fly. Make my day! Ha ha Ha
Got you where I can control you. Ha Ha Ha
You’re still pissed of with the people that can vote. Ha Ha Ha
Come on respond. Ha Ha Ha
Cheers Drag
Check you later.
What part of the statement was BS? Job losses? Billion+ dollar increase in debt? Sustained devolution of our social fabric? Show me the facts that prove otherwise.
Well the less business done in Bermuda, the less the need for corporate lawyers. So think about it? The PLP under Brown and Col Burch did a great job of making Bermuda an un-hospitable place for IB despite the recession. This added to out of control violent crime has put Bermuda on a tipping point. People think that they were safe in the little bubble for so many years. But we have had 10 years of very bad Governance and corruption. Huge debt run up which now needs to be paid back through Tax. Bermuda could be in a very bad state of affairs unless the present Government are very good at reversing what has been done wrong in the past. More people will loose jobs and we will become a very poor country overnight. This is a serious issue and we all need to be aware of what is happening around us.
It’s going to be very hard to reverse what they’ve done wrong, because they really know no other way but to do things as they always have.
I agree with your points.
This is going to be an UGLY year.
Yes it is, but we will continue to be told that things are looking up even when they are in fact about to get worse.
Platinum period ,I believe, is the en vogue term thrown about nowadays….
I agree with you Chris on the point abouts making Bermuda attractive and Govt spending. I am hesitant though on the issue of relaxing the housing restrictions. As with any jurisdiction our size, there has to be means to protect a very limited land resource. I fully accept that it is a complicated matter with respect to Bermudians married to non Bermudians. If the impetus for the restriction is to avoid Bermudian land falling into the hands of foreigners (I am thinking divorce), then that may not be as nefarious as it sounds. Is there another way?
cant they amend the law then to cover bermudian/nonbermudian couples following divorce, as opposed to prior to buying?