I don't think many Companies use the 'last in, first out' thing now. I have been made redundant 3 times and each time it was different.
1st time, people were selected after various things had been looked at including their experience, skills, appraisals, sickness records etc.
2nd time the whole department closed down so everybody went.
3rd time, we had 3 administrators and only needed 2 so all 3 of us had to apply for the 2 remaining jobs and all three of us were interviewed - I lost out.