
Redundancy Watch: Simmons & Simmons and Macfarlanes. US problems. Plus a small ray of sunlight.
As the dust settles after Brown’s bank bailout, it is clear that there is a lot more pain to be filtered through the employment market before the light appears at the end of the tunnel. With news of more redundancies leeching out every week… Simmons & Simmons has made eight lawyers and nineteen service staff redundant. According to The Lawyer a Simmons source denied that either move was part of a redundancy consultation, but admitted: “Over the last 12 months we’ve …
As the dust settles after Brown’s bank bailout, it is clear that there is a lot more pain to be filtered through the employment market before the light appears at the end of the tunnel. With news of more redundancies leeching out every week…
Simmons & Simmons has made eight lawyers and nineteen service staff redundant. According to The Lawyer a Simmons source denied that either move was part of a redundancy consultation, but admitted: “Over the last 12 months we’ve been looking at ways to manage our fee-earners headcount and getting fee-earners where you have increased client needs.” The redundancies come following a three-year review of its wage bill.
It is understood that Macfarlanes is placing particular emphasis on its review of its lawyers’ performance this year. The firm holds performance appraisals every March and September, but managing partner Simon Martin admitted that the crisis in the markets and difficult conditions for its corporate and real estate practices would affect the review. Apparently up to 10 fee earners could leave the firm, having been told they were unlikely to make partner.
In the US…
Last week saw a large proportion of the remaining staff at Heller Ehrman laid off. The firm expects all lawyers and client matters to have left the firm by 26 November, after which there will be less than 100 administrative employees remaining to wind down the firm until 2009.
And, the US legal market faced more layoffs last week as two Chicago firms Katten Muchin Rosenman and Sonnenschein Nath & Rosenthal said goodbye to more than 40 associates.
On a marginally brighter note…
Clifford Chance is to offer three months pay plus half of individual annual bonuses to the 20 associates it laid off in the US last week.
And, Solicitors faced with redundancy and those already out of a job are to receive urgent help from the Law Society.The Society has prepared guidance to help lawyers with advice on negotiating redundancy packages, working notice periods, continuing professional development, finances, job applications and interview tips. It is understood that the guidance will be available next month.
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October 20, 2008
blah, blah, blah more redundancies…
we should all start chasing ambulances or doing insolvency work,
that should pay the bills.
October 20, 2008
depressing…
i’v been looking at job boards and there are quite a few law jobs out there even for corporate and property – no idea how competitive they are but even the advertised salaries seemed pretty good
just in case.
October 20, 2008
well I wouldn’t rely on what you see on job boards; I know several individuals who have been made less fortunate in the last couple of months and although most seem to have found something to keep them busy, none of them claimed it was easy and one guy got fed up of the recruitment ‘consultants’ telling him that that particular post was on hold at the moment.
October 20, 2008
thanks 3 – even more depressing