Linklaters to axe up to ten per cent of partnership in new restructuring

Linklaters is set to cull over 30 partners across the network as part of the firm’s biggest round of layoffs since the New World restructuring in 2009.

Linklaters is set to cull over 30 partners across the network as part of the firm’s biggest round of layoffs since the New World restructuring in 2009.

The Lawyer has learnt the names of several partners who have already been asked to leave. It is understood that the focus of the shake-up is on London but that between 10 and 15 per cent of the worldwide partnership could be at risk.

The restructuring was confirmed to London partners last week, with both exits and de-equitisations on the cards.

A source close to Linklaters said: “The view is that it’s being done because the firm is too big for the market. The markets aren’t going to return any time soon so we need to resize. It’s a hard decision.”

A Linklaters spokesperson said: “We continually look at our business and partner base in the context of the markets and our clients’ needs. A natural part of this process includes some new partners joining and some partners moving on.

“Decisions about partner retirements are entirely personal to the individual partner and it is therefore inappropriate to comment on speculative numbers involved. Where decisions are taken by the firm, they are taken reluctantly and only ever in the long-term interests of the firm.”

The magic circle firm axed 70 partners and 10 per cent of associates in 2009 as part of the New World restructuring (23 January 2011).

Last month The Lawyer revealed that Allen & Overy had starting managing its equity against after a two-year pause, with 1-3 per cent of partners pruned out.