Clifford Chance Plans to Ax Up to 80 Associates, Asks Partners to Ante Up
Posted Jan 8, 2009 8:18 AM CDT
By Debra Cassens Weiss
Updated: Partners and several associates at Clifford Chance will be feeling the pain of the economic downturn.
Clifford Chance is beginning a review that could lead to layoffs of up to 80 London associates at the same time it is asking partners to make increased capital contributions.
The law firm said the firings are in addition to the October layoffs of 20 lawyers in New York and Washington, D.C., Bloomberg reports. The review is expected to take about a month and will be followed by a review of support staff jobs.
Law firm spokeswoman Anna Ward told Bloomberg that cuts will be made in all practice areas.
While the cuts won’t affect the firm’s equity partners, they will still be feeling the pinch. Each is being asked to ante up additional capital contributions of 100,000 pounds, which converts to about $150,000, according to the Lawyer and Above the Law.
A story published Friday by Bloomberg said the amount being sought was about 150,000 pounds per partner, with the amount varying by seniority. The total sought from the firm's 400 partners is 60 million pounds—about $92 million, the story says.
Subsequently, the Lawyer reported that Clifford Chance partners have been warned of a possible 30 percent drop in pay this year, as discussed in another ABAJournal.com post.
Updated on Jan. 9 to include figures from later Bloomberg story. Updated on Jan. 12 to include link to subsequent ABAJournal.com post.