JD Journal » Magic Circle

Allen & Overy Expands Australian Practice

rebneely — Fri, 02 Dec 2011 14:21:52 +0000

Leading international law firm Allen & Overy has announced it has expanded its Australian practice; it will now offer litigation and regulatory investigations expertise. In coordination with this expansion, John Samaha, senior Australian litigation lawyer, has been appointed to the partnership.

Samaha’s appointment will enable Allen & Overy to offer integrated local and global litigation and regulatory support to its clients, as the firm has experienced continued success of its corporate and finance practices in Australia.

Samaha possesses significant experience in complex and strategically significant litigation and regulatory work. He has acted for leading corporations and financial institutions in Australia, including many sector leaders. He was previously a senior litigation partner at another leading Australian firm, where he worked for two decades.

The Legal 500 review of Australian dispute resolution lawyers just released reports that John is ‘a consummate professional, highly knowledgeable and commercially minded’.

Tim House, Global Head of Litigation at Allen & Overy, was quoted as saying in a press release at the firm’s website: “John’s arrival is a further boost to our litigation capability across the Asia Pacific region and fits hand-in-glove with our growth plans for Allen & Overy’s global litigation practice. It also represents a unique opportunity for leading Australian litigation solicitors who see the advantages of a career in our growing network.”

Grant Fuzi, Managing Partner of Allen & Overy in Australia, was quoted as saying: “John is a recognized leader in his field. Now that Allen & Overy is well established in Australia, we are pleased to offer our clients litigation and regulatory skills and expertise under John’s leadership. John’s appointment brings our Australian partner tally to 23, with the support of over 160 staff. This outstanding growth has been fuelled by positive client response to our focus on leveraging our global and domestic expertise.”

In the last twelve months, Allen & Overy has completed transactions with an approximate total value of over AUD40 billion. These include advising SABMiller on its proposed AUD12 billion takeover of Foster’s Group by scheme of arrangement, Fortescue Metals Group on a USD2.04 billion syndicated loan facility and a 144A unsecured bond offering and on a USD1.5 billion 144A unsecured bond offering (CFO Dealbook Corporate Bond Issue of the Year 2011), and Equinox on the AUD7.1 billion Barrick Gold offer.

Allen & Overy is headquartered in London. The firm is a member of the UK’s Magic Circle of leading law firms, and is widely considered to be one of the world’s elite law firms, advising national and multinational corporations, financial institutions, and governments. Founded in 1930, Allen & Overy has become one of the largest law firms in the world, both by number of lawyers and revenue. With approximately 5,000 staff and 38 offices worldwide, the firm provides legal advice in Europe, the Americas, Asia, Australia, and the Middle East.

Former Linklaters Managing Partner Tony Angel to Join DLA Piper as Co-Global Chairman?

rebneely — Fri, 28 Oct 2011 08:00:40 +0000

Former Linklaters managing partner Tony Angel may join DLA Piper as co-global chairman, if approved by a partnership vote, as early as November 7^th.

According to the October 27^th blog at wsj.com, DLA Piper Borrows Wall Street Model In Search for Co-Chairman”: “…two people familiar with the matter confirmed that DLA’s partnership is poised to approve Angel”.

It is virtually unheard of to appoint someone from outside the law firm to a top leadership position within the firm. However, DLA Piper is known for pushing the envelope, so to speak, and thinking outside the box. In the last six years, under Frank Burch’s leadership, the firm has become the largest in the world.

Peter Zeughauser, a law firm consultant, was quoted as having told Law Blog: “DLA has broken the mold several times since its inception. It’s difficult to draw parallels.” He also referred to Angel as “one of the top players in Europe”.

If approved, Angel would become co-chairman with Burch, who is currently the sole chairman of DLA Piper. As well, he would become the senior partner of DLA Piper International, which encompasses DLA’s operations in Europe, Asia and the Middle East.

Currently, Angel serves as a non-executive director at SJ Berwin in London.

From 1998 to 2008, Angel served as managing partner at Linklaters. He is given significant credit for assisting with the transformation of the firm into a leading global force. According to the wsj.com blog, according to Legal Week, “he pushed hard to boost individual partner performance and align the firm’s business around premium work for a tighter group of blue-chip clients.”

And, according to the October 26^th article at thomsonreuters.com, “DLA Piper voting on hiring Tony Angel as co-global chairman”, under Angel’s leadership, Linklaters became one of the most profitable law firms ever, boasting annual revenues of over $2 billion and profits per partner of $2.4 million, according to The American Lawyer magazine. That was an increase in profits of nearly 110% over a three year period, which surpassed those of Skadden, as well as Davis Polk.

Most recently, Angel held the position of chief executive at Vantage Diagnostics, a London-based health-care data company. Before joining Vantage, Angel served as the executive managing director at Standard & Poor’s. in that role, he was in charge of the company’s Europe, Middle East and Africa business.

Clearly, Angel is a force with which to be reckoned. With Burch and Angel at the helm, DLA Piper could well be poised for powerhouse status.

Linklaters LLP is a global law firm headquartered in London, United Kingdom and a member of the ‘Magic Circle’ of leading UK law firms. The firm is the world’s fourth largest global law firm by revenue. The firm employs approximately 2,200 legal advisers and 2,800 additional staff in 26 offices in 19 countries.

DLA Piper is a global law firm with 76 offices in 30 countries and over 4,200 lawyers. As of May 2011, it was the largest law firm in the world by number of attorneys. Two partnerships comprise the firm – DLA Piper International, and DLA Piper U.S. the firm’s clients include multinational, Global 1,000 and Fortune 500 companies, to emerging high-tech companies and start-ups.

Linklaters Paying Spring Bonus to US Associates

joshua — Wed, 23 Feb 2011 18:56:44 +0000

In yet another sign that things are looking up in the legal industry, Linklaters became the second Magic Circle firm to announce spring bonuses for its US based associates. Freshfields announced its spring bonuses last week, following a string of New York firms breaking the ice.

Linklaters will pay associates in its US offices as well as US-qualified associates outside the country between $7500 and $20,000 dollars at the end of April. These bonuses match the scale set by US firms like Cravath and Cleary Gottlieb.

Linklaters has 26 offices in 19 countries and is one of the five members of the “Magic Circle” of prominent UK law firms.

Clifford Chance Expands into Australia

joshua — Fri, 18 Feb 2011 01:00:48 +0000

Clifford Chance is moving into the Australian market by merging with two boutique firms. Chang, Pistilli & Simmons and Cochrane Lishman Carson Luscombe will become Clifford Chance offices as of May 1. The firm says that this is not targeted at Australia so much as it is part of a broader plan for Asian expansion.

Chinese investments in Australia have rapidly grown, particularly in the energy and mineral markets, and the two local firms joining up with Clifford Chance are both corporate law boutiques. An investment into the Australian legal market is an indirect investment in the growth of Chinese foreign investments.

Clifford Chance is one of the UK’s “magic circle” of law fims. With approximately 3,200 legal advisers and 30 offices in 21 countries, it is one of the top ten global law firms measured by number of lawyers and by revenue.

Morning Roundup

joshua — Fri, 24 Sep 2010 10:54:21 +0000

Good morning everyone! Today is Friday, September 24th. Here’s a quick look back at yesterday’s stories.

Reed Smith was brought on as U.S. corporate and securities counsel for China Sun Group High-Tech Co…

Quarterly revenue at Britain’s 100 biggest law firms increased by an average of 5 percent for the three-month period ending July 31…

Arnold & Porter acquired three attorneys from Sonnenschein…

Four Davis Polk partners were named ‘Top Lawyers’ in California…

Troutman Sanders appointed a new managing partner in its Washington, D.C office…

The Best Lawyers in America 2011® will feature 58 attorneys from Winstead PC…

British Firms See Uptick in Quarterly Revenue

joshua — Thu, 23 Sep 2010 16:50:47 +0000

Quarterly revenue at Britain’s 100 biggest law firms increased by an average of 5 percent for the three-month period that ended July 31.

A report by Bloomberg attributed the “modest” increase to higher rates and more billable hours last quarter. The figures were compiled by accounting firm Deloitte LLP.

Among the U.K’s 10 biggest firms, the average revenue increase was slightly lower at 3.7 percent.

The news is still encouraging, however, given London’s largest firms suffered revenue declines of as much as 11 percent during the last fiscal year.

Deloitte partner Jeremy Black reflected the cautious optimism when commenting on the numbers.

“The growth has surprised a few, as people tend to forget the hard times pretty quickly,” Black said. “However, there are still a lot of nerves out there. The recovery is difficult to predict.”

Morning Roundup

joshua — Fri, 09 Jul 2010 12:18:10 +0000

Good morning everyone! Today is Friday, July 9th. Here’s a quick look back at yesterday’s stories.

Clifford Chance was the highest grossing firm among UK firms…

Sonnenschein added a veteran Exxon Lawyer to its Energy Practice…

Ogletree opened a Portland office…

Gonzalez Saggio & Harlan added two partners to its IP team…

A survey of nearly 700 women law firm partners revealed an “intense dissatisfaction” with the compensation gap between men and women…

A former Texas representative joined Greenberg Traurig’s Austin office as an of counsel in the governmental affairs practice group…

A shareholder in Greenberg Traurig’s Tampa office, was appointed chairman of the Florida Bar Board of Legal Specialization and Education…

Morvillo Abramowitz was recognized by Chambers & Partners for the 7th consecutive year…

Clifford Chance Leads Rough Year for U.K. Firms

joshua — Fri, 09 Jul 2010 00:32:53 +0000

Revenue at the U.K.’s magic circle firms suffered a decline of 11 percent for the fiscal year ended April 30. Leading the way as the highest-grossing firm for the year was Clifford Chance.

Clifford Chance returned to the top spot despite suffering a 5 percent decline in revenue to $1.8 billion, Bloomberg reports.

Linklaters, last year’s highest-grossing U.K. firm, fell to 2^nd on revenue of $1.78 billion, which was an 8.8 percent decline from the prior year. Rounding out the magic circle firms were Freshfields Bruckhaus Deringer LLP with $1.73 billion, a drop of 11 percent; and Allen & Overy LLP, which reported revenue of $1.59 billion, a four percent drop.

Revenue is down a bit, but you always expect it to come down as the recession unwinds,” Tony Williams, founder of Jomati Consultants in London and a former managing partner at Clifford Chance, told Bloomberg. “The initial panic from the financial crisis and the Lehman collapse caused a lot of work, and there’s been a period where everyone sort of licks their wounds.”

Bloomberg cited a major decrease in mergers & acquisitions work as the reason for the declines.

Clifford Chance Alters Associate Bonus Policy

joshua — Mon, 12 Apr 2010 20:01:02 +0000

Billable hours will no longer be the deciding factor in determining associate bonuses at the London office of magic circle firm Clifford Chance.

A firm spokesperson told LegalWeek that while billable hours will remain part of the criteria, “bonus allocations will be discretionary. There will be no fixed correlation between hours and bonuses. Most importantly, there will be no hours’ target.”

The policy change is limited to Clifford Chance’s London office.

According to the report, bonus decisions will now include an array of other factors, including “overall achievement, effort, business and technical skills, client satisfaction, teamwork and community work.”

In addition to how the bonuses are doled out, Clifford Chance has also altered its bonus levels. The maximum bonus payment of 40 percent of base salary, which was previously eligible to associates with at least four years “post-qualification experience,” will now be limited to senior associates.

Clifford Chance is global London based firm with 29 offices in 20 countries and 3,600 legal advisers.

Lockstep Returns to Linklaters

joshua — Wed, 31 Mar 2010 16:57:51 +0000

UK-based firm Linklaters, which last year lowered associate pay raises, announced it is returning to full lockstep compensation for its associates and that performance-related bonuses will also be issued to its top performers.

According to LegalWeek, newly-qualified associates at the firm will earn the equivalent of $93,428 in base salary. Salaries will then move up the ladder on an annual basis to $103,291 and $110,886.

Linklaters UK human resources director, Caroline Rawes, explained the move to LegalWeek: “We look carefully at our salaries on an annual basis and take into account what the market is doing and we thought it would be appropriate to reward, both in pay and bonus, the contribution that our associates have made to the firm over the last 12 months.”

Last year, Linklaters reduced the percentage-raise of associates to between 2% and 4%.

Linklaters has 26 offices in 19 countries and is one of the five members of the “Magic Circle” of prominent UK law firms.

Allen & Overy Partners Switch Firms

Erik Even — Wed, 19 Aug 2009 16:31:42 +0000

Allen & Overy attorney Michael Jahnke has lateraled to Howrey. He joins as a partner in the competition practice group. His practice focuses on tobacco, food, energy and telecommunications corporations.

Meanwhile, A&O Capital markets partner Srinivas Parthasarathy will leave A&O’s Singapore office to join Trilegal’s Mumbai office as a partner. He will head the capital markets group. The two firms have been affiliated since January 2008.

Founded in 1930, Allen & Overy has approximately 5,500 staff in 31 offices worldwide. It is part of the Magic Circle of London-based law firms.

Linklaters’ ‘New World’ Faces Legal Action from Redundant Staffer

Erik Even — Mon, 10 Aug 2009 17:24:15 +0000

British blawgs are reporting that Linklaters wants to avoid legal action from a former employee let go during a massive redundancy consultation that targeted 400.

The firm confirmed that it is in talks with the ex-staffer, but would not elaborate on details.

A global restructuring initiative called “Linklaters New World” saw the layoffs of about 200 lawyers and 200 staffers, plus compensation changes. The firm is also encouraging up to 35 partners to leave the firm this year.

Linklaters has 26 offices in 19 countries, and is one of the five members of the “Magic Circle” of prominent UK law firms.

Survey: Slaughter & May Top UK Firm for Associate Satisfaction

Erik Even — Fri, 17 Jul 2009 16:30:38 +0000

A survey conducted by Legal Week says Slaughter and May has the most satisfied associates of any UK firm.

Legal Week Intelligence’s 2009 Employee Satisfaction Survey questioned more than 4,000 associates at the top 75 law firms in England and Wales, and at the top 10 US firms in London.

Slaughter operates on a bonus plan based on salary, without any billable hours targets. The firm paid out a firmwide bonus of 10% of base salary in November 2008.

Not a single Slaughter associate surveys is looking for another job; at Magic Circle firms, an average of 10% are looking for different work.

The other top firms were CMS Cameron McKenna, Dewey & LeBoeuf and Weil Gotshal & Manges.

Allen & Overy Reports Revenue Up, Profits Down

Erik Even — Fri, 10 Jul 2009 16:51:37 +0000

Allen & Overy has announced its revenue for the last fiscal year was up 7% to more than £1.09 billion ($1.77 billion), despite a large number of layoffs.

Profits fell 4% to £431 million ($698 million).

The firm has the second highest gain in revenue for Magic Circle firms, after Freshfields reported a 9% gain.

Founded in 1930, Allen & Overy has approximately 5,500 staff in 31 offices worldwide. It is part of the Magic Circle of London-based law firms.

Linklaters Profit Up to $2.13 Billion

Erik Even — Fri, 03 Jul 2009 23:17:49 +0000

Linklaters, which announced in April salary cuts for starting lawyers and reduced salary increases, is now the UK’s largest firm by revenue, reporting income of £1.3 billion ($2.13 billion).

But profit per equity partner fell 9.6% to £1.3 million ($2.12 million).

Europe and the Middle East produced 83% of Linklaters’ revenue; Asia produced 11%; and the Americas generated 6%.

Founded in 1838 as Dods & Linklater, Linklaters has around 540 partners and 2,400 qualified lawyers, more than 60% of whom are based outside the UK.

Profits Plummet at Clifford Chance

Erik Even — Wed, 01 Jul 2009 17:15:30 +0000

Magic Circle law firm Clifford Chance saw average profits per equity partner drop 37% to £733,000 ($1.2 million) in the last fiscal year.

Revenue fell 5% to £1.26 billion, which means Clifford Chance is no longer the world’s largest law firm by revenue.

The firm recently saw a mass defection of New York litigation partners and associates to Gibson Dunn. The firm cut 24 associates in New York in March, and 20 more positions in April.

Also in March, Clifford Chance announced a redundancy consultation targeting 115 support staff in London.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.

Berwin Leighton Top UK Firm for Lawyer Satisfaction [Correction]

Erik Even — Fri, 19 Jun 2009 16:10:04 +0000

Berwin Leighton Paisner, CMS Cameron McKenna and Norton Rose are the top three UK firms for lawyer satisfaction, according to a survey by Legal Week of 4,000 solicitors below partner level.

The Legal Week 2009 Employee Satisfaction Survey says the three firms have the top lawyer satisfaction amongst the 25 largest UK law firms. The top five is rounded out by Allen & Overy and Bird & Bird.

The rankings are based on lawyers’ judgments of criteria such as firm prestige, work/life balance, being valued as an employee, quality of work, client interaction, salary & bonuses, partnership prospects and billable hours expectations.

The bottom five include Eversheds and DLA Piper.

UPDATE

This post originally listed the top five in the wrong order. JDJournal regrets the error.

Fates to Be Decided for Clifford Chance Litigation Associates

Erik Even — Wed, 17 Jun 2009 17:30:11 +0000

We have been reporting on the saga of Clifford Chance’s US litigation practice. Group head Mark Kirsch jumped ship to Gibson Dunn, leaving the fates of 29 New York litigation associates in doubt.

Now the futures of those associates are coming into focus.

Seven associates are going to Gibson Dunn with Kirsch and partners Joel Cohen and Christopher Joralemon. Up to 10 associates will be laid off this week; the rest will remain on the New York litigation team, which will be headed by Juan Morillo of the DC office.

More Litigation Partners Leaving Clifford Chance

Erik Even — Wed, 10 Jun 2009 17:00:53 +0000

Clifford Chance, which has been bleeding litigation partners, just lost two more.

Securities litigators Joel Cohen and George Schieren will depart the firm’s New York office.

At the end of last month, Mark Kirsch, the head of Clifford Chance’s US litigation practice, announced his departure, leaving the 29 associates in the firm’s New York litigation group under threat of layoffs.

Securities litigation head Mark Holland is quitting to join Goodwin Procter.

Clifford Chance to Lay Off New York Litigation Associates

Erik Even — Fri, 29 May 2009 16:31:44 +0000

Mark Kirsch, head of Clifford Chance’s US litigation practice, has left the firm, leaving the 29 associates in the firm’s New York litigation group under threat of layoffs.

The group and its associated staffers have been informed that layoffs are coming, but no numbers have been revealed.

Kirsch will be replaced in his position by Juan Morillo.

In March, Clifford Chance today laid off 24 of its New York associates.

Allen & Overy to Reduce Incoming Associate Class Sizes

Erik Even — Fri, 22 May 2009 21:12:36 +0000

In March, London’s Allen & Overy announced it would retain only 70% of its trainees for September 2009 and March 2010.

Now the firm has added it will take on 105 trainees a year, from September 2011 on. Traditionally, the firm has brought on 120 associates a year.

In April, the firm cut loose 47 equity partners, 200 associates, and 200 support staff.

Founded in 1930, Allen & Overy has approximately 5,500 staff in 31 offices worldwide. It is part of the Magic Circle of London-based law firms.

Women Laid Off from Allen & Overy Found New Firm

Erik Even — Thu, 30 Apr 2009 23:21:42 +0000

Nineteen women and four men laid off from Allen & Overy are founding their own firm, Maurice Turnor Gardner.

Formerly with A&O’s private client practice, five of the new firm’s six partners are women.

The firm will headed by Clare Maurice, who in 1985 became the first woman partner at Allen & Overy. It will work out of Allen & Overy’s Spitalfields office until July, when it will move into the City of London.

Today, Allen & Overy laid off 47 equity partners, 200 associates, and 200 support staff. In February, it cut 150 lawyers.

Founded in 1930, Allen & Overy has 31 offices worldwide. It is part of the Magic Circle of London-based law firms.

Allen & Overy Lays Off 47 Partners, 200 Associates, 200 Staff

Erik Even — Thu, 30 Apr 2009 20:01:42 +0000

The UK’s Allen & Overy announced in February a plan to lay off 450 jobs in a redundancy consultation.

Well, today’s the day.

Allen & Overy own Black Thursday sees 47 equity partners, 200 associates, and 200 support staff shown the door. Half the cuts will affect the London HQ. There as also been an undisclosed number of voluntary redundancies.

Another 35 partners have been demoted from equity status.

Founded in 1930, Allen & Overy had approximately 5,500 staff in 31 offices worldwide. It is part of the Magic Circle of London-based law firms.

Linklaters Cuts Pay for Incoming Associates

Erik Even — Thu, 30 Apr 2009 16:27:36 +0000

Linklaters is cutting pay for starting lawyers, and shrinking salary increases. The firm will pay new lawyers £61,500 ($91,300), down from £66,600 pounds in 2008.

Associates will get salary increases of two to four percent based on seniority, down from six to 10%.

Linklaters is freezing pay for non-lawyer staffers.

Lawyers and staff may qualify for merit-based bonuses, and will get £1,500 profit-related awards.

Linklaters has 26 offices in 19 countries, and is one of the five members of the “Magic Circle” of prominent UK law firms.

Clifford Chance Partners Defect to Start New Italian Firm

Erik Even — Tue, 28 Apr 2009 16:45:40 +0000

Three capital markets partners in Clifford Chance’s Milan, Italy office are leaving to set up shop on their own.

Paolo Calderaro, Michele Crisostomo and Silvio Riolo will bring at least one Clifford Chance associate along for the ride. Calderaro was head of structured finance in Milan.

No details about the new firm have been announced. If you know anything, please send us a confidential tip!

After the defections, Clifford Chance’s Italian practice has 23 partners and 117 other lawyers.

Last week Clifford Chance cut 20 positions at its New York office.

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 Canary Wharf in London.

Allen & Overy to Outsource More Work

Erik Even — Fri, 24 Apr 2009 22:21:23 +0000

Allen & Overy plans to outsource more of its “back office” work, particularly due diligence and litigation discovery, to other firms.

The Magic Circle firm already outsources information technology and document production to outside companies.

In February the firm announced a massive redundancy consultation targeting 450 jobs. They have also frozen pay and billing rates at 2008 levels.

Founded in 1930, Allen & Overy has approximately 5,500 staff and 31 offices worldwide.

Clifford Chance Lays Off New York Staff

Erik Even — Wed, 22 Apr 2009 21:40:13 +0000

London’s Clifford Chance has cut 20 positions at its New York office. The law firm has laid off almost 100 people since November 2008.

The individuals have been notified, and were offered severance.

Clifford Chance laid off 24 New York associates in March, and this week’s support staff layoffs are related to that departure. Also in March, 115 London support staff were made redundant.

The firm let go 35 support staff in New York and Washington, DC in December 2008. Last October, 20 associates were shown the door.

Linklaters Defers Start Dates

Erik Even — Mon, 13 Apr 2009 16:15:40 +0000

London’s Linklaters has pushed back its trainee start dates for September 2009 and March 2010, offering future trainees £10,000 to go away for one year.

The firm will select 15 incoming associates for the deferral program.

Associates due to start in September 2009 who take a 12 month deferral will get the 10 grand. Associates due to start in March 2010 can either defer for 12 months and get £10,000, or defer for six months an get £5,000.

Linklaters is believed to have about 125 lawyers across the two intakes. All deferrals will be voluntary.

Linklaters has 26 offices in 19 countries, and is one of the five members of the “Magic Circle” of prominent UK law firms.

London Firms Delay Partner Promotions

Erik Even — Wed, 08 Apr 2009 16:25:26 +0000

London Magic Circle firms Clifford Chance and Allen & Overy have delayed their 2009 partner promotions.

Clifford Chance will defer this year’s promotions process until the firm completes its restructuring this Summer, which is likely to cut the firm’s partnership up to 15%.

Allen & Overy is delaying its partner promotions until at least the beginning of May, when the firm will have completed its global restructuring. The firm expects to see 47 partners, or 9%, ousted by the end of the financial year.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue. It is a prestigious international practice with its principal office at Canary Wharf in London.

Founded in 1930, Allen & Overy has approximately 5,500 staff and 31 offices worldwide.

Clifford Chance Making Cuts in Amsterdam Office

Erik Even — Tue, 07 Apr 2009 16:38:53 +0000

Clifford Chance will lay off 10 associates at its office in Amsterdam, The Netherlands.

The Dutch outpost employs 160 lawyers, including 28 partners.

The layoffs follow cuts in London, New York, and Moscow.

No further cuts are expected in Amsterdam.

Update: Clifford Chance Ready to Cut Partners

Erik Even — Tue, 24 Mar 2009 16:55:19 +0000

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.

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.

Freshfields to Add 15 Lawyers to Munich Office

Erik Even — Fri, 20 Mar 2009 16:55:38 +0000

Freshfields will add at least 15 lawyers to its Munich office, including four partners who will relocate from Frankfurt.

Yorck Jetter, Matthias-Gabriel Kremer, Rick van Aerssen and Markus Fisseler will transfer to Munich at the start of the new financial year.

Senior associate Wessel Heukamp will be promoted to partner and join the office, bringing the total number of partners in the office to 13.

Teams of associates will be hired for each new partner, expanding lawyer count in the office by around 50%. The firm intends to hire locally in Munich, and move associates over from Frankfurt, which has 60 partners and over 500 total staff.

Freshfields’ also has offices in Cologne, Düsseldorf and Hamburg. The firm recently shut its office in Bratislava, Slovakia.

Freshfields Bruckhaus Deringer LLP is the fourth largest law firm in the world by revenue, and a component of the UK’s Magic Circle of leading law firms

Axe Falling for Clifford Chance Partners

Erik Even — Thu, 19 Mar 2009 16:06:59 +0000

Partners at Clifford Chance, which we now learn for the first time laid off 35 support staff in New York and Washington, DC in December, are voting this week on a temporary rule change that will make it easier for the firm to fire partners.

Should the plan receive the two-thirds majority vote required, an undisclosed number of salaried and equity partners will be asked to leave the firm.

Clifford announced the plan in early February, with the review being led by the firm’s 17-member management committee and the 13‑member partnership council.

Also in February, the firm announced it is in talks with associates about voluntary redundancies.

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.

Allen & Overy Announces Redundancy Criteria

Erik Even — Tue, 17 Mar 2009 16:50:06 +0000

The UK’s Allen & Overy, which announced in February its plan to lay off 450 jobs, has informed staff of its redundancy criteria.

The firm has identified seven criteria: individual performance, business, sickness (!), disciplinary record, versatility, contribution and potential.

Details were hammered out last week after consultation with the firm’s 13 employee representatives.

As for redundancy packages, associate salaries will continue up until the end of May, with the firm paying individuals up to three and a half weeks per completed year of service up to a maximum lump sum of 52 weeks.

The firm will additionally award staff an additional discretionary lump sum depending on seniority.

Recently DLA Piper attorneys were angered when that firm announced it was using illness as a criterion for layoffs.

Founded in 1930, Allen & Overy has approximately 5,500 staff and 31 offices worldwide. It is part of the Magic Circle of London-based law firms.

Allen & Overy to Cut 30% of Trainees

Erik Even — Mon, 09 Mar 2009 16:38:55 +0000

London’s Allen & Overy will only retain 70% of its trainees for September 2009 and March 2010.

The Magic Circle firm has not made a final decision about the retention rate, and said the figure was a “working assumption in light of the current financial climate.”

Allen & Overy retained 86% of its trainees in 2008, 90% in 2007.

The firm offers its training contracts two years in advance, with some 50 trainees joining each year.

Allen & Overy is expected to cut 9% of associates, 9% of support staff and 9% of its partnership.

Around half of the affected positions are in London. The firm is also freezing pay and billing rates at 2008 levels.

Founded in 1930, Allen & Overy has approximately 5,500 staff and 31 offices worldwide.