CC New York exodus continues as firm offers more money to stay

Clifford Chance is fighting a rearguard action to stem the swelling tide of partner losses from its US practice.
It is understood that the firm’s management committee has offered a group of four US partners between 50 and 75 points each on top of their 100 units at plateau, despite the firm’s protracted compensation review last year, which reaffirmed lockstep.

The controversial scheme to keep lockstep with additional points for US laterals has yet to be voted through after the firm narrowly missed gaining the required majority.

In spite of the extra points, head of litigation and dispute resolution for the Americas Ken Gallo, known to be one of the group of four, is leaving for Paul Weiss Rifkind Wharton & Garrison. It is also believed that Robert King, head of the corporate finance practice for the Americas, is in talks with Latham & Watkins about joining, along with fellow partners Kathleen Werner and Larry Medvinsky. King was not one of the group of four given additional points.

James Benedict, global litigation and dispute resolution area leader, is gaining extra remuneration, along with co-leader of banking and financial restructuring for the Americas Margot Schonholtz and partner Mark Liscio.

Formerly US managing partner, Benedict volunteered to have his points, which totalled 200 units, halved as the post-merger firm moved to create a single lockstep.
Although the firm has taken on 35 partners in the US, it has lost 20 partners.

Global managing partner Peter Cornell declined to comment on remuneration, but said: “This is all part of settling down after the merger.”

Latham declined to comment.