Earlier this month, Cadwalader told 34 junior associates they could accept a one year, unrestricted sabbatical. or leave the firm. Now the firm has announced it is offering the laid off associates jobs with the firm, as contract lawyers. The jobs would pay between $45 and $65 per hour. In May, Cadwalader was the number one AmLaw [...]
Continue reading...Monday, July 13, 2009
Addleshaw Goddard, which laid off 19 partners in February and 85 staff in May, has approved new measures to save money on compensation. Some attorneys will work a four-day week and earn 85% of their normal pay. The firm is also offering sabbaticals, or extended time off at 30% salary. Salaries have been frozen until 2010. Addleshaw Goddard [...]
Continue reading...Tuesday, July 7, 2009
Cadwalader, the AmLaw 200 firm that leads in percentage laid off, has asked 34 junior associates to accept a one year, unrestricted sabbatical. The sabbaticals target lawyers in the Capital Markets and Real Estate Finance groups in New York and North Carolina. Participating lawyers will get one-third of their current compensation, plus medical benefits.The firm intends [...]
Continue reading...Friday, July 3, 2009
Addleshaw Goddard, which cut 19 partners in February and 85 staff in March, saw a 30.8% plummet in partner profits in fiscal 2008; and turnover fell 11.4% to £173.3 million ($285.5 million). Profits per equity partner nosedived from £586,000 ($958,000) to £405,000 ($663,000). The firm is considering reduced work hours and unpaid sabbaticals. There is already a [...]
Continue reading...Saturday, June 13, 2009
Pinsent Masons is holding a redundancy consultation. It has not announced how many positions have been targeted. The firm employs almost 1,000 lawyers globally, including 275 partners; and 1,600 staff. Pinsent Masons also plans to implement part-time working arrangements and sabbaticals, and a pay freeze. Pinsent Masons LLP is a full-service commercial law firm. The firm ranked amongst [...]
Continue reading...Thursday, June 11, 2009
Top Birmingham, UK law firm Wragge has announced a redundancy consultation, targeting 85 fee earners, support staff and secretaries. It has also implemented a salary freeze. The firm is also considering four-day weeks, sabbaticals, unpaid leave, job sharing, and other cost-saving schemes. Wragge’s profits were down 15% from last year, to £104.3 million ($172.6 million). In September 2008, [...]
Continue reading...Saturday, May 9, 2009
Most offices of London’s Norton Rose have approved a flexible hours scheme first announced in March. The firm hopes to avoid redundancies by reducing hours. The scheme has been approved by 19 of the firm’s 21 international offices. Norton Rose is still working to make the plan comply with the law in France and Germany. London lawyers and [...]
Continue reading...Saturday, May 9, 2009
London’s CMS Cameron McKenna has announced a redundancy consultation at its headquarters, targeting 80 jobs. Twenty fee earners and 60 non-fee earners may be laid off. Other personnel are being offered the choice of either a four-day week at reduced pay, or a sabbatical of up to 12 weeks at reduced pay. They can also extend their [...]
Continue reading...Thursday, April 9, 2009
DLA Piper, which just laid off 8 associates in Dubai, has additionally placed almost 20% of the remaining Dubai-based lawyers on either a six-month “sabbatical” or a secondment. Those taking the sabbatical are not guaranteed a job when it is over, which means it’s not really a sabbatical, is it? The firm has relocated an undisclosed number [...]
Continue reading...Wednesday, March 25, 2009
Birmingham, UK-based law firm Clarke Willmott wants to cut staff work hours at its Bristol office to four days a week, in the hopes of preventing layoffs. The firm’s 238 Bristol staff have been asked to give the firm’s management board the power to cut one day a week. The firm is also looking at job-sharing and [...]
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Friday, July 31, 2009
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