Say what you like about the City firms axing jobs but, judging from the figures that have so far emerged, firms such as Clifford Chance (CC) have put down more than respectable packages for those unfortunate enough to lose their jobs.
An analysis of severance awards at a basket of law firms recently sent to Legal Week concluded that CC was among the most generous in the UK top 50, with a newly-qualified lawyer laid off from CC in line to receive £35,577 on top of notice pay (other firms to rate well included Nabarro and Wragge & Co). Linklaters and Lovells also paid well above statutory requirements. So the bottom line is that, even in this very uncertain job market, very few redundant magic circle assistants will now be unable to make the mortgage.
