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Clifford Chance Italy has moved to reassure associates there will be no job losses as a result of the credit crunch.
Clifford Chance Italy promises no associate job cuts" />Clifford Chance Italy has moved to reassure associates that there will be no job losses as a result of the credit crunch, despite the firm’s exposure to a banking slowdown.
Italy managing partner Charles Adams was grilled by lawyers at the end of an annual strategy presentation in which he was forced to explain the decision to cap aggregate associate pay rises at five per cent.
A source at the firm revealed that the firm’s Italian arm is exposed to a slowdown in areas such as banking and capital markets, but that the firm “can’t afford to lose people because it takes years to train lawyers up.”
The source said that the five per cent salary rise was comparable to recent years. In 2007 the figure was seven per cent. Rises and bonuses remain merit-based, with high performers getting more than the average.
Clifford Chance promoted two partners in Italy this year, both in Milan, Italy’s banking capital. Last year the firm made up just one, again in Milan.
The firm handles banking work in Italy for clients such as Citigroup and Goldman Sachs.