Clifford Chance and Allen & Overy (A&O) have postponed their annual partnership promotions due to their global restructurings.
Last year both firms announced their partner promotions in early April, with Clifford Chance making up a total of 35 while A&O promoted 28. Promotions at both firms are usually effective as of 1 May each year.
While A&O’s new partners will still take up their new positions at the beginning of May, at Clifford Chance they will not take effect until later in the year.
A Clifford Chance spokesperson said: “Clifford Chance will alter the usual timetable for elections to the partnership this year in view of the partnership review that is taking place.
“Elections usually take effect from 1 May. It makes sense to defer final decisions until the firm has concluded the partnership review that is currently underway.”
Last month the magic circle firm’s partnership voted in favour of a partner cull that is aimed at making the firm more profitable (23 March). The firm’s management is now carrying out an in-depth review of its global network to identify which areas need to be scaled back.
The spokesperson said that no definitive date has been set to announce promotions, adding that the decision will be made later in the summer once the restructuring has progressed further.
A&O is cutting its global partnership by 9 per cent as part of a global restructuring expected to cost the firm £44m (see story).
A spokesperson for A&O said that the firm’s promotions process was delayed because of the restructuring, but added that an announcement would be made in early May with the new partners taking up their positions at the usual time.