Layoffs
BigLaw Firms Still Struggle for Balance
Posted Nov 6, 2009, 04:50 pm CST
By Martha Neil
Although the legal economy has been looking up in recent weeks, revenue at Allen & Overy dropped by seven percent during the six-month period that ended Oct. 31, the London-based "magic circle" law firm has announced.
It is not planning any further layoffs to follow A&O's earlier elimination of 450 positions, including 47 partners. But a salary freeze for all staff will remain in place until May, reports the London Times.
Meanwhile, megafirm Clifford Chance plans to cut another eight attorneys from its capital markets practice group at its London headquarters after the elimination earlier this year of 200 jobs and an unknown number of partners. No additional attorney layoffs are planned after the eight attorneys in… Continue reading...
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