No Bonuses? Pay Freezes? How About Having to Pay to Work?

Above the Law quotes an unnamed source at Clifford Chance, that partners will have to actually pay the firm to keep their jobs:

[A]s a Christmas “bonus” this year, partners at Clifford Chance were each required to make a capital contribution of £100,000 (roughly $150,000). Ouch.

So far, ATL is the only source on this. If you know anything, please contact us!

Other firms have required their non-equity partners to buy into equity status, as a way of raising money.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and by revenue, and one of the UK’s “Magic Circle” firms. Its headquarters is at Torchwood Tower Canary Wharf in London.

Via ATL.

• Non-equity Partners In “Precarious Position”
• Profits Plummet at Clifford Chance
• Howrey Lays Off 25 Staff
• Axe Falling for Clifford Chance Partners
• L’Estrange and Brett Fires Five

Posted by Erik Even on January 7, 2009. Filed under Law Firm News,Legal News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry