Acumen+giving+you+the+edge

A&O, Clifford Chance, Freshfields: We're not cutting our partnerships

9 December 2011 | By Joshua Freedman, James Swift

  • Print
  • Comments (9)

Related Articles

Allen & Overy (A&O), Clifford Chance and Freshfields Bruckhaus Deringer have vowed not to carry out a partnership cull in response to the latest downturn, as it emerges that Linklaters is set to cull over 30 partners globally as part of its biggest restructuring in three years

Allen & Overy (A&O), Clifford Chance and Freshfields Bruckhaus Deringer have vowed not to carry out a partnership cull in response to the latest downturn, as it emerges that Linklaters is set to cull some 30 partners globally as part of its biggest restructuring in three years.

A Clifford Chance spokesperson said: “We currently have no plans for a repeat of the exercise we undertook in 2009 to rebalance our partnership.”

The spokesperson added: “We currently have no plans for [associate or support-staff] redundancy programmes in the firm.”

However, the firm confirmed that performance management was one reason why partners could leave the firm.

While A&O admitted two weeks ago that it had returned to managing its equity after a two-year break following its 2009 global redundancy programme, the firm has denied that it is making more extensive cuts into the partnership and has said it has no plans to restructure or re-shape its partnership or make any redundancies among associates or support staff.

Freshfields sources indicated a similar message.

Linklaters is set to axe at least 30 partners, with London finance and capital markets partners expected to be affected the most.

A source close to the firm said: “The reality is that over the years the corporate department has always been very tight and hasn’t grown that much. The finance practice did very well in the boom and grew quite large.”

Partners higher up the lockstep are understood to be worst hit.

See all Related Jobs, Briefings & CPD/Events

Readers' comments (9)

  • Mr Darcy | 9-Dec-2011 12:10 pm

    In other words, the magic circle are going to wait till after Xmas and do stealth layoffs!

    Unsuitable or offensive? Report this comment

  • Anonymous | 9-Dec-2011 12:54 pm

    reminds me of saddam hussein's PR advisor during the Iraq war: "there is absolutely nothing wrong... we are all fine..."

    Unsuitable or offensive? Report this comment

  • Anonymous | 9-Dec-2011 1:21 pm

    A&O, Clifford Chance, Freshfields: We're not cutting our partnerships.

    Yet.

    (We are too busy with stealth redundancies of associates at the moment).

    Unsuitable or offensive? Report this comment

  • Anonymous | 9-Dec-2011 5:22 pm

    lol. yeah right. what's best? Being honest about the necessity of restructuring a business that is no longer geared appropriately for the market environment or getting rid of people through the back door without offering them proper compensation for their hard work and long hours. Mmmm

    Unsuitable or offensive? Report this comment

  • Anonymous | 10-Dec-2011 2:20 pm

    Get with it please! The London market has swooned - firms are focussed more on other geographies. They also have large offices elsewhere to take care of those geographies. And the ones that have become large London machines will obviously have to scale back. There is incredible over-specialization (ie, people trained only to do the same work again and again) in the London market - and obviously that makes more people redundant.

    Unsuitable or offensive? Report this comment

  • Anonymous | 10-Dec-2011 5:54 pm

    This is all understood. But what needs to be thought of is that Links here is not a standard. People at law firms have learned enough of crisis and they have digested this in their minds, veins and their habits. Now the podium opens - the Firms who behave greedily will go to History but Firms who say yes but - will make The History further Maybe Good-buy Links. CC and AO will go on.

    Unsuitable or offensive? Report this comment

  • Anonymous | 11-Dec-2011 12:03 pm

    The demand for legal services in the City has fundamentally changed, irrespective of the risk of recession. Linklaters cannot be the only one to understand this.

    Unsuitable or offensive? Report this comment

  • Anonymous | 12-Dec-2011 2:24 pm

    "over the years the corporate department has always been very tight and hasn’t grown that much. The finance practice did very well in the boom and grew quite large"- says it all, the finance practice at Links is too big and has to go, the other firms don't appear to have that problem.

    Unsuitable or offensive? Report this comment

  • Anonymous | 13-Dec-2011 12:51 pm

    What about Slaughters?

    Unsuitable or offensive? Report this comment

Have your say

Mandatory Required Fields

  • Print
  • Comments (9)

Most popular

Most commented

Most emailed