Linklaters: 270 London jobs to go

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  • 270 - IN LONDON?!

    Ok, it's the firm's biggest office, but there are hundreds of Links lawyers elsewhere. This won't stop here.

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  • Missing Link

    Linklaters made more than £500m in profit last year, yet still sees fit to put hundreds of people out of work.

    Davies' "reluctance" must be little consolation to those being pushed out.

    Remember, unlike the banking sector, none of these firms are making a loss. It seems like greed - pure and simple.

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  • Yup

    Prepare to be frazzled.

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  • Sigh

    Let's have no more of this cliched sermonising about 'greed', shall we? None of us joined corporate law firms for our health.

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  • What puzzles me...

    ...is the gamble at stake. If this massive size-slimming, PEP-fattening exercise is about seeking an American tie-up, what if that just simply doesn't happen. There isn't a huge number of US firms that would be suitable from Links' point of view, and even then there's far from any guarantee that this will tempt them. If none bite, what will Links be left with? A demoralised firm with a reputation for being a nasty place to work.

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  • Linklaters redundancies

    I don't understand this. Linklaters have done better than any other firm recently, look at the Lehmans adminstration which will keep their lawyers in jobs for years. So how come they're getting rid of more people than any other comparable firm? This is way more than Clifford Chance which is probably suffering more because of their exposure to the banks. There's something missing here!

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  • Immoral act

    Most businesses would kill for a profit margin of 40%+. These cuts are NOT to ensure the continued survivial, or even the continued success, of Linklaters, but rather to preserve super-normal profit levels during a severe economic downturn. It is immoral.

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  • Try Offshore

    All these redundant city lawyers should try working in offshore law firms, better package, no redundancy yet and a place in the sun !

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  • they've always been at it

    It may just be that they always have been the most ruthless and are continuing to be. I'm absolutely certain this is about much more than the crisis. You don't ditch over a hundred lawyers thinking you'll want to hire them back in two years.

    The CEE pullout was a sign Links has fully embraced Cheyne's old mantra: no partner not good enough to introduce to Lord Browne (obviously in need of updating). It's committed to paring itself down to the slimmest possible firm to do the mega-deals it wants to do.

    CC is a false comparison - its profit margin is 33% to Links' 44% or thereabouts. CC makes its money from massive leverage.

    Leverage in Europe is lower so I'd guess the New World partner redundancies won't be reflected so heavily in associate and staff redundancies.

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  • Immoral?

    You always see words like that peppering popular discussion during a downturn. They're really just expressions of anger. Can't beat 'em? Join 'em or retrain as something more secure, like a maths teacher.

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