March 26, 2009 2:05 PM
Two Dozen More Out at Clifford Chance
Posted by Zach Lowe
It's been a rough week at the Magic Circle firm Clifford Chance, and it got worse today for 24 New York-based transactional associates who are losing their jobs, according to a firm statement available (download Clifford Chance statement).
In the statement, the firm says the layoffs are not performance-based, that the associates are "held in high regard by the firm" and that Clifford Chance "deeply regrets" the decision.
The associates all do transactional work in the firm's New York office. In October, the firm laid off 20 New York-based litigation and dispute-resolution associates.
The firm is paying three months severance and providing outplacement services, a spokesman says.
The firm also announced that 50 incoming first-years won't start until 2010--and that 30 of them won't start until October 2010, one of the latest start dates we've come across so far. The firm will pay the associates a stipend during their "furloughs," the statement says; those who start in January will receive a total of $10,000 broken out in two payments made in November and December of this year, the spokesman said. Those who start in October 2010 will receive $5,000 per month if they work in public service and $3,335 per month otherwise. The payments start in October of this year, so the furloughed associates will receive checks for one year before they start.
The higher public service pay lasts only as long as a public service job, the firm says. If an incoming associate lands a public service gig that lasts for two months, the firm will pay the $5,000 rate for those two months--but not longer.
Each incoming associate will also receive a $10,000 salary advance.
The Layoff List
The American Lawyer
Clifford Chance, Edwards Angell Lay Off Attorneys and Staffers
The National Law Journal
Partner Cuts at Clifford Chance, Associates Out at Saul Ewing
The Am Law Daily
Clifford Chance Lays Off 20 Associates
The Am Law Daily
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