Associate morale drops at magic circle US arms
Magic circle firms have plunged down the rankings of US associates' satisfaction levels compiled by Legal Week's sister title The American Lawyer. Allen & Overy is now the only UK firm to feature within the top 40, sitting at number 35 in the rankings. However, it has still dropped 10 places from last year. Clifford Chance (CC) has taken the worst hit, dropping 52 places down to number 81 in the table from 29 last year. The ranking comes after CC's New York office laid off six structured finance associates last November, becoming one of the first major players to demonstrate the impact of the credit crunch.
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