Most readers will be aware by now that UK magic circle firm Linklaters have announced plans to dispense of ….
between 100 and 120 of its City lawyers who The Lawyer tells us will lose their jobs as part of its so-called New World strategy, while 130 to 150 members of business services staff will also be affected.
The report goes on to say
the firm is seeking to drastically overhaul its structure in a bid to become a smaller, more profitable operation (23 January).
At this stage it is unclear how the firm’s international network will be affected, with the redundancy announcement relating solely to London-based staff. All London staff are currently in redundancy consultation with the process due to complete in three months.
The London cuts will translate to 4.8 per cent of the firm’s total workforce while 4.2 per cent of its lawyer headcount will be slashed, based on figures published in The Lawyer UK 200, 2008.
Managing partner Simon Davies (pictured) said: “This is an action that we have taken very reluctantly and after a great deal of thought."
Full report at http://www.thelawyer.com/cgi-bin/item.cgi?id=136509&d=415&h=417&f=416
Unsurprisingly legal media have been running hot with the story all week. Here are a selection of links for those of you who’d like more detail.
Linklaters ditches 18% of London associates and enrages the rest http://www.rollonfriday.com/load.asp?page=story1136.htm
UK M&A specialist Linklaters plans layoffs http://www.iht.com/articles/ap/2009/01/29/business/EU-Britain-Linklaters.php
Linklaters’ New World Has Up to 270 Fewer Associates and Staffers
http://www.abajournal.com/news/linklaters_new_world_has_120_fewer_associates_and_150_fewer_staffers
Also The Lawyer is reporting that Olswangs are re-trenching staff
Olswang: second redundancy round, 45 to go
http://www.thelawyer.com/cgi-bin/item.cgi?id=136518&d=415&h=417&f=416
And elsewhere in the UK The Lawyer also reports ….Gloucester-based BPE Solicitors has put 13 members of staff, including three salaried partners, on a four-day week. Senior partner John Workman said the firm’s equity partners took the decision to cut the working week to stem losses from its commercial, property and corporate practices. Workman said slashing hours was preferable to making widespread redundancies at a later stage. "We have some great people here – either we lose several of them or go for a four-day week," he said.
http://www.thelawyer.com/cgi-bin/item.cgi?id=136514&d=415&h=417&f=416
