CC to cut Moscow headcount by 20%
Clifford Chance (CC) is targeting a 20% reduction in lawyer headcount in its Moscow office over the current financial year, with the firm's Middle East offices also set for a potential drop in numbers. In Moscow CC has made around six lawyers redundant through individual consultations, with the office also losing a further 24 lawyers through natural attrition over the same period, taking the total lawyer numbers down to around 150 in the office.The firm said the move was in response to declining demand for advice on foreign investment in Russia. A CC spokeswoman said: "The strategy is to reduce lawyer headcount in Moscow by 20% during the full financial year, then keep it under review. The strategy of the firm is to not have too many lawyers for current work levels, but also not too few for when the upturn comes."
January 29, 2009 at 12:23 AM
2 minute read
Clifford Chance (CC) is targeting a 20% reduction in lawyer headcount in its Moscow office over the current financial year, with the firm's Middle East offices also set for a potential drop in numbers.
In Moscow CC has made around six lawyers redundant through individual consultations, with the office also losing a further 24 lawyers through natural attrition over the same period, taking the total lawyer numbers down to around 150 in the office.
The firm said the move was in response to declining demand for advice on foreign investment in Russia.
A CC spokeswoman said: "The strategy is to reduce lawyer headcount in Moscow by 20% during the full financial year, then keep it under review. The strategy of the firm is to not have too many lawyers for current work levels, but also not too few for when the upturn comes."
Meanwhile, it has emerged that 23 secondees in CC's Middle East practice (20 in Dubai and three in Abu Dhabi) are involved in the 80-lawyer London redundancy consultation which the firm kicked off earlier this month. Separately, the firm has also decreased headcount in Paris by 5%, reducing staff by around 10 fee earners during the last year taking lawyer headcount to 210.
The firm said it had no plans for further redundancies but admitted it was keeping a close eye on headcount in international offices. CC's moves raise questions about the safety of jobs in international offices across the top City firms.
A&O has also admitted that it is reviewing jobs in its Hong Kong office as a result of the economic climate and in the wake of last year's loss of a seven-partner corporate team to Latham & Watkins.
Simmons & Simmons, meanwhile, is also considering cutting back on its Moscow presence, with potential plans to bring back ex-pat associates to the UK. Jeremy Hoyland, head of Simmons' financial services group, said: "Moscow is definitely an issue and we are currently looking at the size of the team. There is debate about whether we should relocate some ex-pats back to London."
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