LONDON — Allen & Overy has announced a sweeping restructuring that will slash partner, fee earner and support staff headcount by 9 percent — leading to the loss of more than 400 jobs.
The restructuring, which will also see the firm freeze salaries and billing rates at 2008 levels and spin off its five-partner private client team, is expected to cost the London giant around 44 million pounds ($63 million).
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