Last week we reported that Allen & Overy, the UK’s fourth-biggest law firm by revenue, would cut as many as 150 lawyers, sever ties with its private client team, and freeze pay.
Now Legal Brief Today reports that Allen & Overy will cut 450 jobs at a cost of £44 million ($64 million).
The ‘magic circle’ firm told staff it would reduce the headcount by 9% by the end of its financial year on 30 April. That means 47 partners and almost 200 rank-and-file fee-earners will lose their jobs, roughly half of them in London, with a similar number of support staff going, says a report in The Times. It adds that a further 35 partners will be forced to accept a reduced share of equity. Remaining partners will be asked to inject an average of £30 000 to raise the firm’s working capital by £11m.
Via LBT.
Posted by Erik Even
on February 23, 2009. Filed under Home,Law Firm News,Layoffs,Legal News,World News.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
 |
||
| Search Thousands of Legal Jobs | ||
|
Job Type: |
||
 |
||
|
Browse Jobs by Location: |
||
|
||
| Keyword Search: | ||
|
||
Recent comments