Allen & Overy (A&O) has announced a sweeping restructuring that will slash partner, fee earner and support staff headcount by 9% - leading to the loss of more than 400 jobs.The restructuring, which will also see the firm freeze salaries and billing rates at 2008 levels and spin off its five-partner private client team, is expected to cost the City giant around £44m.A&O told staff today (19 February) that 47 partners (9% of the firmwide total) are expected to leave the firm by the end of the financial year with a further 35 partners (7%) expected to see their allocations in the equity adjusted. It is expected that half of these 35 partners will be demoted to salaried partner status while the rest will see their equity reduced.
February 19, 2009 at 09:37 AM
1 minute read
The original version of this story was published on Legalweek
Allen & Overy (A&O) has announced a sweeping restructuring that will slash partner, fee earner and support staff headcount by 9% – leading to the loss of more than 400 jobs.
The restructuring, which will also see the firm freeze salaries and billing rates at 2008 levels and spin off its five-partner private client team, is expected to cost the City giant around £44m.
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