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Clifford Chance Cutbacks Receive Partnership Approval
Legal Week
March 24, 2009
Clifford Chance partners have given the go-ahead to plans to reduce the size and shape of the Magic Circle firm's partnership.
A partnership vote closed on Monday, with the firm achieving the majority required to allow management to restructure the partnership.
It is thought that two-thirds of partners were required to approve the temporary amendments to the partnership deed, with the vote meaning the restructuring can now formally commence.
The firm announced that it intended to cull both salaried and equity partners earlier this year, subject to partner approval, in response to the recession.
No details of numbers have been released; however, it is believed that more than 10 percent of partners could go as a result of the overhaul, with some outside the firm suggesting that the figure could be closer to 15 percent. All of the affected partners are expected to leave the firm by the end of this calendar year.
The review is being led by the firm's management committee and partnership council, with senior partner Stuart Popham, managing partner David Childs and London managing partner Jeremy Sandelson all involved.
A Clifford Chance spokesperson said, "The proposed review of the size and shape of the CC partnership is now under way. The aim of the exercise is to ensure the firm has the right structure for achieving its long-term strategic goals as well as for meeting evolving client needs."
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