You know it's bad when the head hunters have to lay-off people

It's a difficult to be a head hunter now a days---So few openings and so many applicants to sift through.

Just yesterday Heidrick & Struggles, one of the world's largest executive search firms, announced that it laying-off 15% of its work-force.

Heidrick & Struggles Announces Plans for Additional Cost Savings as a Result of Current Market Conditions

CHICAGO, Dec. 18, 2008 (GLOBE NEWSWIRE) -- Heidrick & Struggles International, Inc. (Nasdaq:HSII), the world's premier executive search and leadership consulting firm, today announced that it would take additional measures in early 2009 to improve its cost structure including a global staff headcount reduction of approximately 15 percent. The company is unable to quantify the annual expected savings at this time.

Chief Executive Officer L. Kevin Kelly said, "Cost savings initiatives that we implemented earlier this year had the anticipated positive impact on 2008 results through the third quarter. However, given search confirmations in November that were approximately 20 percent lower than anticipated and deteriorating global market conditions, we are taking appropriate actions to preserve capital and to align expenses. Reductions in headcount are by far the most difficult decisions, but are necessary to position the company for the future."

Kelly added, "There are a number of additional variable costs that we are evaluating as part of our commitment to achieving the highest possible operating margin. But we will also continue to judiciously evaluate opportunities that increase our position of market leadership today and in the future."