Clifford Chance spins off Hungarian office

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  • Joe the plumber
    This is a anther copy of Linklaters spine off last years when links closed 4 offices in EU.
    Magic Circle firm are very much copying each other when ruining the business!
    Indeed, as the law firm profession is copying as using templates and precedents!

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  • I don't think CC are profit-sharing with Romania, are they? I don't really understand why CC didn't just quietly spin Hungary off into a separate profit pool but keep their brand there. Come to think of it, I don't know why Links didn't do that with Mogg's offices as well (unless Mogg refused).

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  • Long overdue, the Budapest office was in steady decline for a while, and CC was bleeding talent to other firms. Why not leave the name? Liability concerns presumably, which are understandable. Anyway, economically dead country and dying firm, so ditching it made perfect sense

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  • Dirt has a good point. Having invested the money, CC should surely have looked for a way of keeping the flag flying there for longer. Perhaps the proplem is their simplistic lockstep, which only has two tiers. Why not have three, four or more tiers so that differently performing offices can be rewarded more in keeping with their true financial performance and at the same time create the justification for making up more equity partners in some of the minor offices?

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  • As far as I know, there have been mass exoduses over the last three years from CC Budapest, which do not reflect well on the management. They have been unable to attract talent from top tier firms (only from tier 3 firms). They have few if any big, local clients, thus they were too heavily dependent on the network - from which much less work can be expected these days. The question is what happens to A&O which has an operation that is helf the size of that of CC Budapest?

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