17 December 2001
5 December 2007
19 February 2001
6 January 2003
9 January 2006
16 July 2001
Cranch ousted as CC US managing partner
In a shock move, Clifford Chance Rogers & Wells US managing partner Larry Cranch stepped down a year early to be replaced by global head of litigation Jim Benedict. This was the latest development in a major shake-up of the firm's global management (19 February).
CC to toughen up on partner performance
Clifford Chance's management sparked outrage among its partners by suggesting they should be subject to individual evaluations. Some partners saw the move as the first in a process that could have ultimately questioned the firm's lockstep system (9 April).
Bloodbath in New York as CC equity is slashed
Clifford Chance cut up to 25 of its US partners out of equity as it battled with a post-merger restructuring of its lockstep.
|"A partnership culture is important notwithstanding our size. You've got to preserve that and not be forced down a corporatist route. Management is there to serve"|
Peter Cornell, Clifford Chance
The firm was in the throes of integrating the legacy Rogers & Wells partners into the Clifford Chance lockstep, and as a result had to downgrade partners from a wide range of practice areas. It was understood that between 20 and 25 partners were to be de-equitised, with some moving from more than 100 points on the lockstep to salaries equivalent to around 50 points (28 May).
CC New York partners take massive pay cuts
Eight of Clifford Chance's top New York partners agreed to take huge pay cuts, again as the firm was struggling to create a single lockstep post-merger.
After the merger with Rogers & Wells, 10 senior US partners were awarded pay packages way above the top of Clifford Chance's lockstep.
Rogers & Wells' antitrust stars Kevin Arquit and Steven Newborn were given 300 and 275 points respectively. Partners at the top of lockstep received 100 points. One point on the lockstep was equivalent to £8,450, according to the figures to April (16 July).
|Catrin Griffiths reviews a turbulent year for Clifford Chance|
It was a not a year most of the Clifford Chance management would like to repeat, mostly because of the US saga. In a series of exclusive reports, The Lawyer revealed the extent of the shake-up in the American partnership.