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

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  • Here's a thought - take a 30 equity partner group from a forced exit and form a new law firm. It would result in something around the size of numerous well known firms in The Lawyer 100, and be as big as most of the firms between 60 and 100 by revenue in the UK. Clearly they'd need some leverage - but there's plenty of lawyers on the market today.

    30 equity partners plus leverage would be equal to: Mishcon de Reya, Bond Pearce, DWF, Trowers, Weightmans etc.....there's loads more of them and they do alright.

    Therefore I propose Linklaters' exiles create a new law firm. They could add in the exiles from A&O and other top firms too. It may not be as crazy as it sounds.....probably have a nicer working culture too.

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  • It would be interesting if The Lawyer did a "Where are they now" article on the MC partners shoved out in 2009?

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  • Keep 'em while you need them, get rid of them when you don't. It is so easy to ruin someone else's life.

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  • If 10 per cent of partners are going then at least 10 per cent of associates will too.

    Get ready for far deeper cuts as the economy continues to move towards all-out depression.

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  • In the not so distant future global firms like Linklaters will generate as much revenue in Shanghai as London - and have a similar number of lawyers in each. That means Shanghai growing a lot, but also London shrinking a lot.

    This is the reality of globalisation, the West has ultimately destroyed its economy and living standards, and even solvency, through pure greed and short-termism.

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  • In a nutshell there are too many law firms and too many lawyers. In the boom times the market expanded and now it needs to contract.

    The legal market as it stands is not sustainable, so expect to see far more distress mergers with partners exiting the door. The bizarre PEP business model needs to go as well, and everyone accept that pay isn't going to be as high as the good old days.

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  • Surely the question is why doesn't somebody de-equitize Simon Davies?
    The big swingeing cuts are a sign of management failure, not of decisiveness. He has to make grand brutal gestures every few years because he hasn't engaged in hands-on management of his partners. He has to do that day-in, day-out, or make sure his practice or area heads do it.
    His re-election would be the opportunity for someone outside of London to do the job. They certainly couldn't do worse...

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  • FInally someone with a bit of sense. It is NOT a shame that these overpaid lawyers are being cut down to size, it is a shame that the management has failed to take measures to prevent this from happening. Decisive management making bold moves without blowing the bank is what is needed. Tell me where they are in the law? Simon Davies with his wishy washy responsive style is typical of old school management, this is a new world, Linklaters help create it, now it needs a manager to help manage it.
    Down with Davies!

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  • This doesn't surprise me at all. In my view it's the first of many such stories that we will read over the next few months, if not years. I can't actually believe that anyone is surprised. What I'm seeing is a desperate desire by management to retain profits at all costs. There is another way but firms will not consider reduction in profits. This will be a great opportunity for smaller firms to recruit real talent – lawyers who would never normally consider smaller practices.

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  • The worst part of this at all these "leading" firms is the line Partners are expected to take the pain whilst those in management remain immune from any remuneration cut - heaven forbid indeed they often get rises/bonuses at times like this - they generate no fee income and never have to deal with clients in a real life fee earning situation when the pressure is on - what would be welcome would be to see some leadership being shown by those in management in all major firms accepting they can no longer earn the vast rewards they have to date and that when market condiitons deteriorate the answer is not just to bin partners (many of whom will have worked incredibly hard fee earning for many years at their respective firms and generated significant profit and advancement for those firms). One of the biggest issues many firms face is the immunity and arrogance of the management teams and the inability for them to be called into account. I for one hope the new world will see management teams at all law firms called into account to justify their reward and position and then for there to be some appropriate "pain" taken at the management level too. Now that would be a novel idea wouldn't it ?!!

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