Freshfields tightens exit terms with six months' notice for partners
Freshfields Bruckhaus Deringer has extended its notice period for departing partners from three months to six, following a string of partner exits over the last two years.
May 24, 2012 at 07:03 PM
2 minute read
Freshfields Bruckhaus Deringer has extended its notice period for departing partners from three months to six, following a string of partner exits over the last two years.
The increased notice period for those resigning from the firm came into effect from 1 May, after the move was discussed with partners around the close of 2011.
Freshfields has seen several partners leaving for rival firms over the last year, with corporate veteran Simon Witty joining Davis Polk & Wardwell's City arm in January 2012 and tax partner Jonathan Cooklin set to join him next month. London finance partner Presley Warner left for Sullivan & Cromwell in early 2011.
The firm has also seen departures in Asia, where Hong Kong managing partner Kay Ian Ng left to launch a local law practice for Sullivan & Cromwell last summer, after the firm's Beijing head, Antony Dapiran, left for Davis Polk in 2010.
Freshfields' move brings its notice period in line with magic circle peers, with both Linklaters and Clifford Chance operating a six-month notice period, while Allen & Overy can retain departing partners for up to one year.
One Freshfields partner said: "We have looked at provisions with regard to departing partners, because nowadays you have to take the issue more seriously as the market gets more competitive. Having said that, most of the time you don't want people hanging around causing bad feelings and soliciting other staff."
It is understood that Freshfields can allow partners to leave immediately without serving any notice at its discretion.
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