Are we gearing up for another big day of law-firm layoffs? The folks at Above the Law asked the question yesterday after hearing various rumors about pending pink-slippage at Latham & Watkins.

This morning, ATL, AmLaw and Legal Week are all reporting that Latham has cut 440 employees (190 associates and 250 staff). The cuts represent the largest to date by a U.S.-based firm.

Bob Dell, the firm’s managing partner, sent us the following statement:

The depth and duration of this recession is unprecedented and we expect the health of the global economy to remain weak at least through 2009. While our diversified practices and global platform provide the stability and strength to navigate these turbulent market conditions, we must adjust our staffing levels in line with the projected needs of our clients. . . . We will be offering a comprehensive separation package, including payment of six months salary and six months of continued medical benefits, as well as other resources to support this transition. . . . ”

According to the Legal Week piece, the firm’s New York and Los Angeles offices will be hit hard. The cuts come off the back of a dramatic fall in Latham’s profits in 2008. Profits per equity partner dropped 21% from $2.27 million to $1.8 million, while revenues fell 4% from just over $2 billion to $1.9 billion.