Clifford Chance to Cut Partners, Lay Off 106 Lawyers

Clifford Chance LLP, the world’s largest law firm by revenue, will cut its partnership ranks under a restructuring plan.

The firm has asked partners to contribute £60 million ($87 million), about £150,000 each, and will cut as many as 80 lawyers in London and 26 in the US.

London-based Clifford Chance has more than 600 partners.

Linklaters LLP , the second-largest London law firm by revenue, said last month it would cut as many as 120 salaried lawyers and up to 150 support staff.

Eversheds LLP, a London-based firm with about 2,000 lawyers, is withholding quarterly profit drawings to partners.

Clifford Chance advises some of the world’s largest banks, and clients have included Royal Bank of Scotland Group, Barclays, Banco Santander, and bankrupt Lehman Brothers.