The Clifford Chance decision to let go of up to 80 staff in London has hit the UK national press with The Telegraph reporting…
that the fim has axed nearly 8% of its London staff as it emerged that partners have been asked for funds.
Josephine Moulds writes for the paper…
Clifford Chance, the world’s biggest law firm, has axed nearly 8pc of its London staff as it emerged that partners have been asked for funds.
The company, which is part of the UK’s ‘magic circle’ of leading law firms, is cutting 70-80 of its lawyers, citing market conditions in the slowing global economy.
The cuts only hit salaried lawyers, known as associates.
Partners, who were not affected, voted in November to contribute at least £100,000 each to raise more than £40m, the firm said.
Insiders suggest this may be the first of many law firms to announce job cuts in the coming months.
Clifford Chance employs 1,000 in Canary Wharf, London, and 3,800 worldwide.
The firm said it is reviewing its business services division, which includes technology, human resources, marketing and secretarial support. This could also lead to redundancies.
Full story at http://www.telegraph.co.uk/finance/4207154/Clifford-Chance-cuts-8pc-of-staff-as-partners-stump-up-funds.html
