The merged legal department of Bank of America and Merrill Lynch, with a combined team of around 700, is in the midst of slimming down. According to Corp. Counsel, Vol. 16, April 2009 at 66, last December the legal staff had to “reapply for their jobs.”
Perhaps this is a way of saying to everyone, “Don’t assume anything. Your job is being evaluated.” But it makes me wonder how the process works. Does the General Counsel first choose his or her direct reports and they in turn look at the applications of people in their group? Does the application give legal staff an opportunity to make their own case? Can you apply for more than one job?
Layoffs will follow, or have already happened (See my post of Jan. 16, 2009: layoffs after mergers with 9 references.).