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Clifford Chance to cut City associates in response to 'low NQ attrition'

In response to Anoynmous@10.24: Can't think of any other industry in which it would be readily accepted that a desire to offer a permanent role to someone ending a 2 year fixed-term contract would be used to justify terminating existing employees. - I can't think of any other industry where said permanent employees would have an automatic entitlement to 10-20% pay rises year-on-year; where associates are charged out on a similar fee base (indeed, that fee base moves on a 6-month basis at some firms). Associates can't have it both ways: if you want lockstep salaries, guess what... you need attrition to keep the pyramid in check. The broader problem, however, is the utter evisceration of CC's strategy - like that other British brand (Tesco), the market has shifted and it needs to urgently redefine itself. 13 redundancies won't make a dent.

24-Mar-2012

12:31 pm