Last week we reported that London’s Clifford Chance would vote on a new temporary rules that would make it easier to oust partners.
Now we learn that the partners have voted to implement the plan to restructure the partnership
The firm announced that it intended to cut both salaried and equity partners earlier this year, subject to partner approval.
No numbers have been released, but it is believed that over 10% of partners could get cut by the end of 2009.
In February, the firm announced it is in talks with associates about voluntary redundancies.
 |
|||
 |
|
Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!! |
|
The firm has also asked partners to contribute £60 million ($87 million), about £150,000 each, and is cutting as many as 80 lawyers in London and 26 in the US.
Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and a component of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office at Torchwood Tower in London.
Posted by Erik Even
on March 24, 2009. Filed under Home,Law Firm News,Layoffs,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
Attorney Career Resources is sponsored by BCG Attorney Search, the nation's leading placement firm, specializing in law firm placements.
Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
 |
||
| Search Thousands of Legal Jobs | ||
|
Job Type: |
||
 |
||
|
Browse Jobs by Location: |
||
|
||
| Keyword Search: | ||
|
||
Recent comments