In one of the first clear signs that slumping credit markets are causing economic pain at law firms, Clifford Chance on Monday laid off a group of associates in the structured finance area. The six associates, all relatively senior, were in a practice group that worked exclusively for credit rating agency Standard & Poor's, reviewing documentation S&P used to rate mortgage-backed securities. Said one Clifford Chance partner, "We concluded this work just wasn't coming back."
Clifford Chance Lays Off Six Structured Finance Associates
New York Law Journal
November 6, 2007