CC restructure given green light by partners

Clifford Chance partners have voted in favour of amending their partnership agreement to allow management to forge ahead with a partnership cull.

Clifford Chance partners have voted in favour of amending their partnership agreement to allow management to forge ahead with a partnership cull.

Firmwide managing partner David Childs had asked for partner approval so he and the management committee can begin dramatically scaling back the firm’s partnership. Last month the firm’s management told partners that it plans to “review the shape and size” of its partnership in the coming months (4 February).

A Clifford Chance spokesperson said: “The proposed review of the size and shape of the Clifford Chance partnership is now underway.

“The aim of the exercise is to ensure the firm has the right structure for achieving its long-term strategic goals as well as for meeting evolving client needs.”

The first stage of the review will see Childs work with the firm’s management committee and office managing partners to identify where cuts are needed. The next stage will identify which partners will be asked to leave.

The entire process is expected to take several months to complete with those affected likely to have left the firm by the end of the year.

At this stage it is not know how many partners will be cut, although both salaried and equity partners will be asked to leave.

The dramatic restructuring is being driven by the firm’s desire to become the world’s top international law firm amid worsening economic conditions, with the aim of maintaining profitability a key consideration.