How to lose staff but keep your reputation
Professional firms everywhere are responding to pressures created by the recession. Very recently we have observed firms becoming open and honest about both the lack of sufficient work to keep their lawyers busy and the extent of partner and staff cuts. Allen & Overy is the latest magic circle law firm to offer full explanations when announcing radical headcount reductions. Cynics suggest that the motivation for the current wave of redundancies is simply a desire to maintain average profits per partner. In our experience of advising law firms, nothing could be further from the truth. Faced with turmoil in global markets and a dramatic reduction in the demand for legal services, firms embark on reductions in force with great reluctance and in the hope of safeguarding the long-term future of the firm's business.
This premium content is reserved for
Legal Week Subscribers.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651