Hard times spark falling-out of partners in leading law firms

Once regarded as secure for life, partners in Britain’s leading law firms are now being presented with a stark choice: prove your worth or leave. Almost 2,000 of them could go.Senior equity partners, who earned an average of £1.1 million in the top ten firms last year, are being told that they must accept a reduced share of profits or leave. Younger partners, promoted during the boom of recent years, are also being forced out.

Up to 10 to 15 per cent of the 11,726 partners in the top 100 firms could lose their jobs this year.

The firms are seeking specialist legal advice themselves on restructuring partnership ranks in the face of a sharp decline in revenues this year. According to Richard Linsell, a specialist in professional partnerships with Addleshaw Goddard, the law firm, lawyers are following the lead of the big accounting firms in targeting underperforming partners.

For more see timesonline.com.

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