City lawyers braced for widespread partner cuts
City partners are preparing for a gruesome year, with half of all partners believing that firms are carrying too much deadwood at senior level and 97% expecting to see partnerships downsized. In the wake of Addleshaw Goddard announcing that it is to cut around 10% of its partnership (see page 13), the latest Legal Week Big Question survey found that almost three out of five partners (58%) believe most major law firms are carrying too many underperforming partners.With partnership cutbacks also last week emerging at both Ashurst and Linklaters, most of the 166 respondents expect to see similar restructurings at other leading firms. Only 3% believed the Addleshaws cuts were a one-off, with the remaining 97% all predicting similar moves to follow.
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