After the cut comes the job hunt. There was a time when the partners due to be shown the exit from the likes of Ashurst, Clifford Chance, and Linklaters would have gravitated naturally to one of the legions of U.S. firms looking to aggressively grow their business in London. In the current climate such moves look far less assured.
Since the start of the year the London legal market has been gripped by a swath of cuts to both associate and partner ranks. Linklaters, in a project called Linklaters New World, is due to get rid of around 40 partners from its 440-strong equity partnership. Clifford Chance has also announced that it is reviewing the size and shape of its partnership, while Ashurst is cutting 10 partners.
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