We’re not really sure of the veracity of this report on the blog InHouse Insider.. we haven’t seen it anywhere else.
It seems from the report and background reading that these are all the final layoffs from a Arch/April plan that A&O had in progression.
This is what InHouse Insider says .. any confirmations or denials are welcomed at AALE
FRIDAY, MAY 1, 2009
Biggest Law Firm Layoff To Date: Allen & Overy Axes 450
Implementing a restructuring plan announced earlier this year to deal with the dismal economy, Allen & Overy laid off about 250 lawyers and 200 staff today.
Among the lawyers being let go are 47 partners, reports Legal Week. Another 35 partners at the London-based "magic circle" international firm are either having their pay cut or being de-equitized.
The firm has drawn up a list of seven criteria which staff will be subject to when being considered for layoffs: individual performance, business, sickness, disciplinary record, versatility, contribution and potential.
Details of the criteria were finalized on March 12 after consultation with the firm’s 13 employee representatives. A&O has also finalized details of the severance packages it will be paying out to associates.
Associate salaries will continue up until the end of May, with the firm paying individuals up to three and a half weeks per completed year of service up to a maximum lump sum of 52 weeks.
The firm will award staff an additional discretionary lump sum depending on seniority. Senior associates, or associates with four-and-a-half years’ post-qualification experience (PQE) can expect an additional
