Timing's of the Essence for Agency Layoffs

Yes, client spending is down, and account re views have been rare. But layoffs last week at shops in New York, Chicago, Minneapolis and San Francisco also illustrate that the year is largely over from a new-business perspective.

That is because it is too late for significant revenue from future new-business wins to be realized in 2001, sources said. The transition of an account from one agency to another takes months, and typically the new agency will not produce work right away.