Laventhol & Horwath Plans Layoffs: The accounting...

Laventhol & Horwath Plans Layoffs: The accounting firm of Laventhol & Horwath is cutting profit payouts and personnel, but its executive partner-elect said business was generally strong. Robert N. Levine said layoffs were following the usual accounting industry pattern of spring cuts and fall hiring. He declined to say how many people would be laid off but said it would be below 10%. The firm has been hit hard by lawsuits in recent years alleging poor work and leading to large settlements. Levine said a quarterly profit payout to partners in April--to pay taxes--was cut in half. Laventhol has 425 partners, 3,500 professional staffers and 1,200 administrative workers in 51 offices nationwide.