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

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  • Linklaters isn't the only major partnership that could do with this sort of treatment.

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  • So when are CC and Freshfields going to do this?

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  • This is surely the biggest sign yet that the profession is being sucked back into recession. There have long been predictions that the profession would have to shrink to be more efficient, many believed this would be led by the collapse of the high street but the recession has meant that everyone is having to 'share the pain'. Rather than cutting jobs to save the livelihoods of the elite few, perhaps those at the top might consider taking a slight paycut? I mean, doesn't it say on The Lawyer that Links paid its highest earning partner £2.2m last year?

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  • Interesting that the firm is talking about partners 'retiring' rather than owning up to 'redundancies'. And, being the caring place it is, Links also says that its up to the partners to decide when they retire. That is blatantly untrue as the firm is basically forcing retirement on the more mature partners. One wonders whether we could see more cases for age discrimination here?

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  • These are worrying times and a large firm such as Linklaters to be engaging in 'voluntary retirement' signals how badly the industry is affected.

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  • This may be shocking but it's really not a surprise. What was really a surprise was the UK firm's half-year figures. In the current economic circumstances how can some firms post double-digit increases in revenue? For such a transactionally heavy firm as Links there is simply no real sign of daylight on the gloomy horizon...

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  • It only shows that all these firms are longer "partner"ships but money making vehicles only where the term "partner" is unknown. In good old days a partnership would adjust by tightening the belt of each partner until the bad times are over. Now so-called partners are kicked out.

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  • It's a London problem. Nearly every firm is way too heavy there. That's not cyclical, it's structural.

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  • So we can soon expect a glut of CVs from Links partners "just, ah, looking for a change of pace "....

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  • When I called the second downleg the response was all too predictable. Yet firms have been cutting continually since 2009. Fear not, there are several more years of this to come.

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