Clients have for years been calling for their advisers to keep a closer eye on costs. And then, all of a sudden, their wish has been granted as City law firms have unleashed a barrage of cost-slashing measures barely into 2009 as they move to respond to the current recession. The most eye-catching of these has been Allen & Overy's (A&O's) multi-pronged shake-up - the most sweeping to date. Announced on 19 February, the programme, described in these pages as "the kitchen sink solution", halts assistant salary rises and sets in motion plans to reduce lawyer head count by 9%. It also sees A&O become the only UK firm to date to publicly commit to freeze billing rates - a move that naturally caught the eyes of in-house lawyers. However, while general counsel contacted by Legal Week generally welcomed the move, they weren't getting too carried away.
March 11, 2009 at 09:18 PM
1 minute read
The original version of this story was published on Legalweek
Law firms have finally started moving seriously on costs. But, finds Alex Aldridge, they still have a long way to go before clients are convinced that they will see the benefits
Clients have for years been calling for their advisers to keep a closer eye on costs. And then, all of a sudden, their wish has been granted as City law firms have unleashed a barrage of cost-slashing measures barely into 2009 as they move to respond to the current recession.
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