Update: Clifford Chance Ready to Cut Partners

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.

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.