Acumen+giving+you+the+edge

Clifford Chance cut 12 per cent of employees during 2009-10, LLPs confirm

24 January 2011 | By Gavriel Hollander

  • Print
  • Comments (6)

Related Articles

Clifford Chance’s LLP accounts have shown the extent of the staff cuts the firm made during 2009-10, with the total number of employees falling by 12 per cent.

The average number of employees at the magic circle firm fell from 7,147 to 6,309 during the 2009-10 financial year, according to accounts filed with Companies House.

The decline in headcount was spread fairly evenly among partners, associates, trainees and support staff. Partner numbers fell by 12 per cent, associate numbers saw a 13 per cent decline, while trainees and support staff each fell by 11 per cent.

The cuts resulted in a saving of £41m compared with 2008-09. Staff and related costs stood at £535m in 2009-10 and £576m the previous year.

Firmwide revenue fell from £1.262bn to £1.197bn over the same period, a fall of 5 per cent. Profits available for distribution to full equity partners increased by 19 per cent, going from £234m to £278 over the 12 months to 30 April 2010.

See all Related Jobs, Briefings & CPD/Events

Readers' comments (6)

  • Anonymous | 25-Jan-2011 11:14 am

    The number of Clifford Chance employees who lost their jobs was actually significantly higher than the headline figure suggests, as there were still significant numbers of new staff recruited during the period.

    Unsuitable or offensive? Report this comment

  • Anonymous | 25-Jan-2011 12:13 pm

    Numer of employees feel...revenue fell...profits available increased.....Wow! Such an amazing management! It is clear that CC is walking on the sunset boulevard...

    Unsuitable or offensive? Report this comment

  • Anonymous | 25-Jan-2011 12:38 pm

    Turnover fell 5% and (at least) 12% of employees lost their jobs.
    Not only did the partners not allow a drop in their profits to protect their employees' jobs, they actually reduced staff numbers so much as to increase total profits despite the turnover fall.
    The only word to describe that is DESPICABLE. Such behavious should be illegal.

    Unsuitable or offensive? Report this comment

  • Thomas More | 25-Jan-2011 1:57 pm

    "Why Richard, it profits a man nothing to give his soul for the whole world. But for Wales?"
    It seems that partners at City law firms are happy with receiving far less in return.

    Unsuitable or offensive? Report this comment

  • Anonymous | 26-Jan-2011 1:47 pm

    Law firms will always screw their staff.
    It's always been that way. Partners are in it for the money.
    An assistant solicitor's job is only as good as the money it brings in.
    Solicitors have always been, and will always be, highly expendable.
    Why do people act so surprised when partners shed staff.

    Unsuitable or offensive? Report this comment

  • Student | 27-Jan-2011 9:44 am

    Not every firm shares the ethos of a magic circle firm.
    What I find strange, is that while people, in large part for this sort of reason, choose not to apply to the bigger and more self-interested firms, others often see that as a lack of short and long-term ambition. Quite ironic don't you think?

    Unsuitable or offensive? Report this comment

Have your say

Mandatory Required Fields

  • Print
  • Comments (6)

Most popular

Most commented

Most emailed