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19 January 2009

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Exclusive: Linklaters to axe up to 70 partners in massive shake-up

Linklaters to axe up to 70 partners in massive shake-up” class=”inline_image inline_image_left” src=”/pictures/web/images/15828_links-office.jpg” />Linklaters’ top management is to drastically overhaul the firm’s structure, slashing up to 70 partners and 10 per cent of associates in a bid to become a smaller, more profitable operation. The programme, understood to be called Linklaters New World, will also […]

Paul Weiss: revenue and PEP up

Paul Weiss Rifkind Wharton & Garrison has announced revenue growth of 6.3 per cent for the 2008 financial year. The US firm posted revenues totalling $692m for 2008, up from $652m in the 2007 financial year. Average profit per equity partner (PEP) increased by 2.3 per cent, up from $2.6m in 2007 to $2.7m last […]

Cobbetts upped borrowings by £4.3m in 2007-08 LLPs reveal

Cobbetts increased its bank loans and overdrafts by £4.3m from 2007 to 2008 – the equivalent of almost 10 per cent of total firm turnover – according to LLP accounts filed by the firm for the 2007-08 financial year. Bank loans and overdrafts totalled £2.1m in 2006-07, but they rose to £6.5m in 2007-08. Turnover […]

Eastern magic

Following on from the prospect of redundancies at the magic circle, City-based Middle East recruiters I spoke with this week are being inundated with CVs from fee-earners at the big four, looking to move out to the Middle East. As large-scale redundancies hit the magic circle, Middle East recruiters I spoke with this week are […]

Reed Smith revenue up 10 per cent, PEP falls

Reed Smith has announced a 10 per cent revenue hike for the 2008 financial year, just missing the $1bn mark. Global revenue rose to $980m in 2008, up from $892m in 2007. Profit per equity partner (PEP) suffered a 6.5 per cent drop on 2007, from $996,000 to $935,000 in 2008. Reed Smith global managing […]

Bakers cuts 20 lawyers in London

Baker & McKenzie has made up to 20 associates redundant in the London office and put the entire support staff under review. All of the 285 support staff and secretaries in the City office have been told their jobs are on the line, although the firm would not confirm how many would be laid off. […]

Obama names DLA’s Mitchell as special envoy

DLA Piper partner George Mitchell was named as President Barack Obama’s special envoy to the Middle East today. DLA Piper partner and global board chairman emeritus George Mitchell was named as President Barack Obama’s special envoy to the Middle East today. In the UK, Mitchell is best-known as the man who chaired the negotiations that […]

Cadwalader loses another NY partner

Cadwalader Wickersham & Taft has lost another partner from its New York office as news breaks of further cuts from the beleaguered firm’s lawyer ranks. Mayer Brown has snared reinsurance partner and disputes specialist Clifford Schoenberg. Schoenberg, who is thought to have left Cadwalader earlier this week, is set to join Mayer Brown as a […]

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Bingham financials: PEP up 6 per cent, turnover up 3

Bingham McCutchen has announced a 6.4 per cent hike in profit per equity partner (PEP) for the 2008 financial year. The US firm grew PEP from $1.335m in 2007 up to $1.42m in 2008. Global revenue at the firm saw a 3.2 per cent increase in the same period, to $767m from $743.5m last year. […]

Mishcons lays off 17 after consultation

West End firm Mishcon de Reya is to cut 17 from its staff base, including two partners, following a redundancy consultation launched last December. The firm confirmed that it was dropping a salaried partner from its real estate practice and one from its corporate practice, both of which have been adversely affected by the credit […]

SJ Berwin in redundancy talks with 50

SJ Berwin in redundancy talks with 50″ />SJ Berwin has launched a series of redundancy consultations that could see up to 50 members of London staff lose their jobs. Four media partners had already agreed to leave the firm at the end of April because film finance is no longer seen as a core practice […]

Over 100 jobs go at Cooley Godward

Cooley Godward Kronish has laid off 52 associates and 62 support staff due to the economic slowdown. In an internal statement the US firm announced that various levels of seniority have been affected with the public securities, finance and real estate practices all experiencing cuts. The statement said: “Given the continued slowdown we have experienced […]

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