Having already laid off 20 New York litigators, Clifford Chance today let go of 70 – 80 London lawyers. The Lawyer reports:
In a statement, London managing partner Jeremy Sandelson said: “We have not taken this decision lightly. However, like any other business, we have to respond to prevailing market conditions.
Our clients and their legal services needs have undergone significant change over the past year. We need to reflect that in the London office, and that includes ensuring that our level of staffing is appropriate for today’s economic realities.
By taking action now, we believe we will be well placed once conditions begin to improve.
Today’s information puts yesterday’s news about Clifford Chance asking for more capital from their partnership into a larger context. Yesterday, we said:
Associates: next time you complain about greedy partners slashing your pay, consider the possibility that they’re suffering too in this economy. They’re trying to safely navigate the recessionary shoals, just like the rest of us. Some of the measures they’ve been taking, like pay freezes and reduced bonuses, may just be prudent planning. Better to have a smaller paycheck than no paycheck at all.
Good luck to our U.K. friends suddenly receiving no paycheck at all.
Clifford Chance to make 80 London lawyers redundant [The Lawyer]