The firm has begun a strategic program named “Project New World” which will involve restructuring to become a smaller and more profitable organization.
“We’re confident that we’ve got our strategy right,” said Davies. “We’ve made it very clear that we want to emerge as the leading global law firm. We’ve got a very clear path to achieve that.”
Details of the ‘New World’ plan are still being worked out, however, Davies did say that the palns would involve more than just layoffs.
“New World is a wideranging strategic response to the changes in the financial markets,” he said. “An element of that is the need to match the headcount of the firm to actual demand. It’s vital for us to ensure that the firm’s in the right shape to meet the challenges of this new market.”
The law firm will first significantly reduce its number of employees across the globe. Most of the layoffs will occur in London.