London Firms Delay Partner Promotions

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.