Addleshaw Goddard has launched a firm-wide restructuring, which is expected to see 85 non-fee-earners lose their jobs, fee-earners offered reduced hours, and salaries cut. The consultation with 85 members of support staff, which was launched last week, will affect all offices and business services teams. It is expected that broadly equal numbers of secretarial and business services staff will lose their jobs. The firm does not anticipate having to part company with any more feeearners or partners as a result of this restructuring, but fee-earners will be consulted on the use of sabbaticals, buying additional holiday days and the option of introducing reduced working hours. In addition, the firm has frozen salaries at 2008-09 levels for all fee-earners and support staff, with the next salary review not expected to take place until 1 May 2010.
Linklaters is emerging as a frontrunner to win the mandate advising on the IPO of AIG’s Asian life assurance arm. The magic circle firm will take part in a beauty parade to advise on the deal, which AIG hopes will raise between $5bn (£3.27bn) and $10bn through the IPO of American International Assurance (AIA) in […]