LLP has lost almost 50 partners since March of this year, most from New York City and the London headquarters office.
Eighteen partners have left the firm in London, and another 18 in New York. Twelve have jumped ship in Europe.
Clifford Chance is restructuring, and expects to lose 90 further partners, or 15%, between now and April 2010.
Last week, the firm reported that average profits per equity partner dropped 37% to £733,000 ($1.2 million) in the last fiscal year.
Clifford Chance LLP is the largest law firm in the world by number of lawyers, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.
I wonder whats the cause of the said fifty partners leaving, and a expected 90 more. Maybe there low on cash so or maybe there just fealing the burn of compitition?