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Exclusive: Linklaters to axe up to 70 partners in massive shake-up

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  • Here we go again...

    Linklaters axing people? And the news is....? Can't say I'm that surprised.

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  • Not surprised

    About time- the ecm group is far too large and specialised. I suspect the real niche practice areas will be hammered and those who are a bit more generalist will thrive. Slaughters is the example of just how well firms can do in this climate

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  • Poor associates

    So the partners think that it's acceptable to sack people to get their profits up to £2m? In a recession? They'll be wanting a government bail out next.

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  • Ha!

    Thought they'd been a bit quite recently...

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  • Silence from within LL

    Amazing that Linklaters employees should first learn about the planned redundancies via the Lawyer rather than direcly from the partnership. Poor show.

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  • Culture

    I like this sentence:
    "But some observers of the programme said that it could endanger the collegiate culture of the partnership."

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  • When does it stop?

    You have to wonder at what point Linklaters partners - even those who are performing - get bored with all that grief. And for what? A few dollars more? A smile from Cheyne and Davies in the corridor? Certainly not the reaction at cocktail parties from peers in other firms. That has been stuck for a while at "pity". It will now turn into "disgust".

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  • Count the numbers

    A cut of 70 partners would equate (roughly) to around 18-20% of the partnership if you assume partners and members are the approx the in the firm's LLP accounts. Assuming that all partners are equity partners, then using the firm's PEP figure for 2007/8 it amounts to around £70m of partner profits. The LLP accounts show profits before members expenses and discretionary division of around £435m. While there is plenty of room to argue some of the accounting semantics it is hard to resist the conclusion that there is a risk of a serious collapse in profits if steps are not taken.

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  • This could be interesting...

    The magic circle are the only firms to rival the Manhattan elite, but have always had lower PEP. A move that increases profitability to NY levels could be really interesting, removing one of the last major cultural distinctions between the two. If pulled off successfully, this could be the dawning of a new era...

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  • Links - your lipstick is a tad smudged...

    Linklaters could have given its sacked partners and associates the dignity of taking this step soberly and regretfully, rather than dressing it up in cheap, tacky and transparent management-speak as "Linklaters New World". As artfully put by the incumbent President "Put lipstick on a pig - it's still a pig".

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