Top UK Linklaters Firm Plans to Restructure Again; Up to 35 Partners Could Exit or Be De-equitized
For the second time in three years, the United Kingdom’s magic circle Linklaters law firm will soon be restructuring.
Although those in charge of the London-based international law firm gave no estimates during a partner meeting on Friday, unidentified sources tell Legal Week that as many as 35 partners could leave the firm or be de-equitized as a result of the reorganization.
Partners in transactional practices will be hardest hit. Like other European law firms, Linklaters has not been positively affected by the European financial crisis in recent months, the article reports, and multiple firms are belt-tightening as they gird up for a difficult 2012.
No Linklaters associates are currently targeted for layoffs, Legal Week says. However, the firm is already talking to some transactional associates about changing to busier practice areas that focus on bankruptcy, litigation and regulatory matters.
Managing partner Simon Davies declined to comment specifically on any plans LInklaters might have concerning individual partners. However, “we continually look at our business and partner base in the context of the markets and our clients’ needs,” he told the legal publication. “A natural part of this process includes some partners moving on.”
Related coverage:
ABAJournal.com: “Linklaters’ New World Has Up to 270 Fewer Associates and Staffers”
ABAJournal.com: “More Partner Bloodletting Predicted for 2009”
ABAJournal.com: “Simpson Thacher Poaches China Leaders from UK Magic Circle Firms for New Hong Kong Practice”
ABAJournal.com: “DLA Piper Co-Chairman Sees Radical Evolution for Profession as Firm OKs Ex-Linklaters Top Hire”
