Clifford Chance partners set to vote on reducing 16-strong management committee
Clifford Chance (CC) is set to vote on proposals to shrink its 16-strong management committee next month, in a move that would fulfill new global managing partner Matthew Layton's pre-election pledge to slim down the firm's executive strata.
June 19, 2014 at 06:24 AM
3 minute read
Clifford Chance (CC) is set to vote on proposals to shrink its 16-strong management committee next month, in a move that would fulfill new global managing partner Matthew Layton's pre-election pledge to slim down the firm's management strata.
A consultation on the plans is expected to close in coming weeks, with a vote set to open shortly after.
Sources at the firm have previously said that CC's primary executive body could be reduced to as few as nine members. It is not yet known which roles are at risk of being axed.
A CC partner who did not wish to be named said: "This is a good thing. Decision making needs to be done by fewer people, and the managing partner needs more control. The firm has grown so the old system no longer works as well as it did."
If the vote is passed, it would mark the first major change introduced by Layton since taking over as global managing partner from David Childs on 1 May.
A CC spokesperson said: "We are consulting on some changes to the firm's governance, with a view to ensuring that the way we manage our firm is designed to help meet the evolving needs of our clients, and to reflect the reality of the changing markets."
In his manifesto Layton pledged to reduce the number of committee members in order to strengthen the executive team.
The committee handles the firm's strategy, finances and profitability, the growth of the business and the development of its competitive position. It is made up of partners including Layton, London and Middle East regional managing partner David Bickerton, global head of finance Mark Campbell, global head of corporate Guy Norman and global head of disputes Jeremy Sandelson.
Paris managing partner Yves Wehrli, who stood against Layton during the managing partner elections, is a continental Europe representative along with Italy managing partner Charles Adams. Other members are: global chief operating officer Amanda Burton; global head of real estate Alfonso Benavides; Asia Pacific managing partner Peter Charlton; Americas managing partner Evan Cohen; Germany managing partner Andreas Dietzel; capital markets chief David Dunnigan; global head of tax, pensions and employment Chris Davies; general counsel Chris Perrin and chief finance officer Stephen Purse.
The hustings process for the managing partner election, which culminated in Layton seeing off challenges from Wehrli and real estate partner Andrew Carnegie, also prompted debate on the firm's use of salaried partner bands.
While Layton may yet choose to put the idea of an all-equity partnership to the vote, no plans are yet in place for such a move.
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