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

"If there's no work then why the retention of NQs?" Because NQs are cheaper than senior associates. Have no doubt all the lawyers being canned by CC are senior associates. For all intents and purposes CC is taking an up or out approach to senior associates. It was already like this in the boom times, its just the seniors who weren't going to get promoted would jump into a lateral position; now they need to be pushed. Is it moral or pleasant? No. Is it typical? Yes - CC's peers and clients in the banking sector all take the same approach. If some firms need to shrink to become maintain profits that is what they will do. Partners only care about profits. Anyone who wants a pleasant and collegiate working environment should avoid City law firms. Better to apply for a job at Google.

26-Mar-2012

11:42 am