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Kitchensink1It’s starting to look like we have entered the realms of competitive restructuring. Clifford Chance starts with a redundancy and capital call, Linklaters throws a partnership restructuring into the mix and then Freshfields comes up with a salary freeze. So Allen & Overy’s (A&O’s) options to go one better looked somewhat limited, but they managed it by matching all of the above and raising it with a freeze in billing rates at 2008 levels (we’ll get to that later), hiving off private client and reviewing the positions of 35 equity partners. Short of shutting the banking practice, there wasn’t much left on the table.

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