Cost Cutting: CC Equity Diet and Hammonds Forces Holiday
According to the Gazette , Magic circle firm Clifford Chance will report a 5% fall in revenue and profits ‘significantly down’ on last year’s £1.33bn. David Childs the firm’s global managing partner apparently said that the firm will cut around 15% of its equity partners at the end of its ongoing staff restructuring. Meanwhile, Hammonds hasn’t quite forced a massive holiday upon everyone but it has Âintroduced mandatory Âsabbaticals for all associates in its corporate department in a bid to cut costs. …
According to the Gazette , Magic circle firm Clifford Chance will report a 5% fall in revenue and profits ‘significantly down’ on last year’s £1.33bn. David Childs the firm’s global managing partner apparently said that the firm will cut around 15% of its equity partners at the end of its ongoing staff restructuring.
Meanwhile, Hammonds hasn’t quite forced a massive holiday upon everyone but it has Âintroduced mandatory Âsabbaticals for all associates in its corporate department in a bid to cut costs. The firm will force all corporate associates to take two-month Âsabbaticals which might be nice for those that can afford it but a strain for others.
On a slightly brighter note, trainees from Hammonds are gearing up to take on the National Three-Peaks Challenge in aid of charity. The firm’s website states: During the weekends of 13 June and 20 June, over 15 Hammonds trainees from the firm’s UK offices in Birmingham, London, Leeds and Manchester will be climbing Ben Nevis, Scafell Pike and Snowden. Scaling the three peaks as part of the National Challenge involves a climb of over 3,400m in a single 24-hour period. They might wish they were one of those corporate associates after completing that lot!
June 8, 2009
3 peaks in 24 hours will be pretty tough esp if they have not done that sort of thing before
June 8, 2009
CC seem to have had things particularly bad in this downturn, wonder why?
June 8, 2009
A 65 year old did just climb everest. A bunch of 20somethings should manage a couple of hills without too much trouble.
June 8, 2009
that 65 year old was an ex-SAS soldier and general tough nut