A&O embarks on radical restructuring with pay frozen and partners and staff cut back
Allen & Overy (A&O) is implementing a sweeping restructuring after announcing radical plans to slash partner, fee earner and support staff positions with the loss of more than 400 jobs.The restructuring, which will also see the firm freeze salaries and billing rates at 2008 levels, is expected to cost the City giant around £44m.A&O told staff last week (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 reviewed. It is expected that half of these 35 partners will be demoted to salaried partner status while the rest will see their equity reduced.
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