That Massive Chevron Layoff: Set Loose in the Labor Market Will Be Extreme Talent Glut

What we know is this: By the end of 2026 Big Oil's Chevron will cut between 15 to 20 percent of its workforce. That's to save between $2 billion and $3 billion.

Those crunching the numbers, factoring in the 20% estimate, project more than 9,000 will be terminated.

Obviously, just like the massive layoffs in Big Law 2008 - 2009, that huge RIF puts out there in the labor market a glut of talent with similar skill sets. And just as with lawyer jobs back then, many will not be able to get comparable jobs in their industry - or any job practicing law at all. 

I vividly recall coaching those who had to face reality and search for employment outside the legal sector. Since back then the laid-off were perceived as damaged goods, even when the recovery cranked up they weren't able to make it back in. Paul Weiss was among the few law firms which didn't ax young lawyers during that global downturn.

The labor market situation could worsen significantly if other Big Law corporations also get a bee in their bonnets to slash jobs. The funds which had been used to compensate manpower can be refocused as investments in technology. 

Those who sense they may be on the chopping block at Chevron should start looking now before the glut begins. 

Here's a bit of history. When Chevron was in the process of acquiring Gulf Oil there were those who hung on waiting to be hired by Chevron or at least receive a good-bye package. Soon enough they realized they had made the wrong decision. According to the grapevine Chevron hired only one Gulf employee. Those others frequently faced multiple years of joblessness. You got it: Set loose was a talent glut. Few made it back into the energy sector. 

Full Disclosure: I had once been employed full-time by Gulf Oil. Those were days of paradise in terms of professional development. My skill set was amazing. When I left, which was prior to the merger threat, I had doubled my annual compensation. 

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