Cleary, Dewey, Milbank cut associate bonuses

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Profit dip forces Herbies into £50m tax U-turn

Firm tears up tax year deferral plan in response to bleak predictions for the year ahead. Herbert Smith has ditched plans to overhaul its financial reporting system after a gloomy profit outlook made it likely that partners would be left out of pocket. While most firms have an April year-end, Herbert Smith’s financial year runs […]

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Proskauer Rose makes 60 redundancies

Proskauer Rose has become the latest US firm to announce layoffs, shedding 35 associates and 25 support staff. A statement released by the firm said: “We are taking these actions in response to the worldwide economic crisis, as well as an unprecedented reduction in our historical lawyer attrition rate, which requires that we align our […]

Bird & Bird seals Singapore association

Bird & Bird has entered into an association with Singapore firm Alban Tay Mahtani & de Silva (ATMD), due to take effect from 1 January 2009. Bird & Bird hopes to beef up its South East Asian presence with the alliance, which will see the firms sharing clients. Bird & Bird chief executive officer David […]

Ashurst moves staff into energy and transport team

Ashurst has redeployed three corporate and three finance junior associates to its energy, transport and infrastructure (ETI) team as the transactional side of its business has slowed down. In contrast to the core corporate team, the ETI team has been very busy in recent months, requiring significant capacity. One Ashurst corporate partner told The Lawyer: […]

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