The recession has reached partner level
Given the stream of news last week of partnership restructurings, a cynic might wonder if City firms need reminding that a partner is supposed to be for a sizeable chunk of life, not just Christmas. Certainly, the impact of the global recession last week unambiguously made itself apparent at partner level after three months in which junior lawyers and support staff have been in the firing line. That this day would come was no great surprise, though there had been a suspicion that firms would try to get by with a slightly heavier round of the ‘lawn mowing’ that these firms traditionally use to keep their partnerships in shape. Such a course would have given firms until September to make a final call on whether the situation would require wholesale restructuring but this time boldness has won the day.
