Linklaters chief justifies ‘New World’ clearout
to slash up to 270 jobs in London along with numerous roles around its global network, claiming the move is vital if the firm is to emerge as the “leading global law firm”.
Linklaters chief justifies ‘New World’ clearout" />Linklaters managing partner Simon Davies has defended the firm’s decision to slash up to 270 jobs in London along with numerous roles around its global network, claiming the move is vital if the firm is to emerge as the “leading global law firm”.
As revealed by TheLawyer.com (23 January), the firm has embarked on a strategic programme dubbed ‘Project New World’ that will see it overhaul its structure in a bid to become a smaller, more profitable operation.
Davies said: “We’re confident that we’ve got our strategy right. We’ve made it very clear that we want to emerge as the leading global law firm. We’ve got a very clear path to achieve that.”
Davies would not be drawn on the exact details of New World, saying they were still being finalised by the firm’s executive committee, but he stressed that the project would focus on more than just job cuts.
“New World is a wideranging strategic response to the changes in the financial markets,” he said. “An element of that is the need to match the headcount of the firm to actual demand. It’s vital for us to ensure that the firm’s in the right shape to meet the challenges of this new market.”
The first step is to reduce headcount dramatically across the firm’s international network. The bulk of these cuts will come in London, with the entire office now in redundancy talks.
At the end of a 90-day consultation, up to 120 City lawyers and 150 support staff, but no trainees, will lose their jobs. Jobs will also be cut from the firm’s international network.
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Readers' comments (5)
Anonymous | 2-Feb-2009 6:20 pm
Shame on you!
Somehow I don't think Linklaters got its strategy right with the redundancy pay they are offering - 3 weeks pay for each year worked. Are we supposed to be grateful?! Law firms generally give advice to clients that it is not a good idea to be tight with redundancy pay - a rule of thumb Links is clearly trying to ignore.
No one is happy with the offer and this will be subject of some serious protest from the associates.
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LL associate (not sure how much longer though!) | 5-Feb-2009 4:47 pm
Dear Anonymous @ 18:20
I am much happier being a Links associate on the firing line rather than a CC one.
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Anonymous | 6-Feb-2009 7:06 am
Linklaters need recession to be long and deep
If the recession is long and deep, the strategy will be justified. If it is not, and the recruitment market returns to normal in 2009, Linklaters will be hit by mass defections, will be unable to replace departing lawyers with people of equal calibre and will be in deep trouble.
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Anonymous | 6-Feb-2009 11:55 am
Linklaters Partners
It is important to note that these are owner-operated businesses. It is not "Linklaters" who is doing this, but the individuals who make up the Linklaters partnership who are responsible for inflicting so much misery on so many, simply so that they can get more cash.
I know two partners there very well. I will certainly be making my views of their despicable conduct known, and that henceforth i will be having nothing to do with them. I suggest that others should do the same - though no doubt if their wallets are full they will no more care that if i was one of their associates.
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Anonymous | 6-Feb-2009 5:37 pm
Carpetbaggers!
LL associate - why would you prefer to be in the firing line (or indeed "on" it) at Links rather than CC - the cuts are deeper and the package more miserly. I suppose that you are thinking that you will not be one of the ones chosen. But do you really think that Links is a better place to work? The place is grotesque.
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