Redundancy Watch: A&O and Nomura. Misery in Moscow
Allen & Overy has completed its redundancy programme launched in February. Over 247 employees have left the firm including partners, fee earners and support staff at an estimated cost of £44m. Today is the deadline for those leaving. In addition to removing 47 partners, 100 fee-earners and 100 members of support staff, the firm de-equitised a further 35 partners. Meanwhile in-house lawyers at Japanese banking giant Nomura have seen 12 legal positions in London axed as the bank nears the …
Allen & Overy has completed its redundancy programme launched in February. Over 247 employees have left the firm including partners, fee earners and support staff at an estimated cost of £44m. Today is the deadline for those leaving. In addition to removing 47 partners, 100 fee-earners and 100 members of support staff, the firm de-equitised a further 35 partners.
Meanwhile in-house lawyers at Japanese banking giant Nomura have seen 12 legal positions in London axed as the bank nears the end of a restructuring process. The cuts follow its takeover of Lehman Brother’s European and Middle East equities and investment banking operations – lawyers from both sides were affected.
Finally Moscow’s legal scene is facing widespread bloodletting. Allen & Overy, Simmons & Simmons, White & Case and Denton Wilde Sapte have all made cuts recently. White & Case alone has laid off 31 staff. The moves follow earlier redundancies at Clifford Chance and Baker & McKenzie.
April 30, 2009
Moscow has been hit hard – a lot of designer stores that popped up in the last few years now stand empty.
April 30, 2009
Big factor is oil prices. Everything else rests on that.
April 30, 2009
No mention of Deidre Dare???
April 30, 2009
She wansn’t made redundant, she was fired for misconduct. A&O could have dealt with her much more tidily given the bigger picture. Fair play to their handling of redundancies though.
April 30, 2009
In fact, Moscow was not hit so hard as London, not so bad… It depends on the firms though, such as W&C indeed cut more than 1/3 in Moscow by now.