Thomson Reuters Laying Off 240 Across Legal Publishing Division
m.paidcontent.org/article/419-thomson-reuters-laying-off-240-across-legal-publishing-division
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Thomson Reuters (NYSE: TRI) is laying off 240 staffers at its legal publishing division, Dow Jones reported. The company’s legal division includes research sites like West, FindLaw and Carswell, as well as attorney software provider Elite. The layoffs will be in North America.
The staff reduction comes a day after Thomson Reuters announced the hiring of former BusinessWeek editor-in-chief Stephen J. Adler as SVP and editorial director of the news service’s Professional division. That division oversees the company’s Legal, Tax & Accounting, and Healthcare & Science businesses. Adler, who will start sometime after the new year, will be involved in creating new editorial content for the entire Professional division. Legal is run by Peter Warwick who reports to Jim Smith, the Professional division’s CEO.
Last year, Thomson Reuters’ legal assets contributed roughly $3.5 billion in revenue. A spokesman confirmed the job cuts, noting that the legal division as a whole has 13,500 employees—roughly a quarter of the total 53,000 staffers Thomson Reuters has worldwide. During the Q3 earnings call, Thomson Reuters CEO Tom Glocer spoke of the legal’s groups weak performance, describing it (via SeekingAlpha) as “challenging times” but said it was looking better: “The legal market seems to really have bottomed earlier in the year, more in the first quarter, and we’ve been seeing improvement.”
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