March 24, 2009 11:28 AM
Partner Cuts at Clifford Chance, Associates Out at Saul Ewing
Posted by Zach Lowe
The big layoff news of the day (so far) comes from the U.K., where the partnership of the Magic Circle firm Clifford Chance has approved a plan to cut 10 percent--or more--of the firm's partners as part of a restructuring plan, according to Legal Week, an Am Law Daily sibling publication.
The plan, which the firm announced several weeks ago, required approval from two-thirds of the firms' partnership and calls for cuts among both equity and salaried partners, Legal Week says. The partnership voted Monday in favor of the plan, and cuts are expected to be complete by the end of 2009, the paper says.
In the U.S., the mid-Atlantic firm Saul Ewing has laid off seven associates and seven staff members, about two months after laying off a dozen staff members, according to the Legal Intelligencer, an Am Law Daily sibling publication. Those cuts are somewhat notable, since Saul Ewing has been among a group of mid-sized regional firms claiming to have reaped at least some benefit from the economic downturn as Fortune 100 companies have steered more work to practices that don't charge quite as much as the New York-based big shots.Make a comment