Legal Week in the UK reports that Allen & Overy (A&O) has come to the end of its redundancy programme, with around 450 staff set to leave the firm this week. 200 associates and 200 support staff in A&O’s offices worldwide
will leave the firm, with a further 47 equity partners also losing
their jobs. Half of the cuts are expected to hit the London office (around 100 fee earners and 100 support staff). Overall, London will
shrink by 10% as a result of additional staff taking voluntary
redundancy.

The restructuring is expected to cost A&O £44m once redundancy
packages are paid out, with the firm previously stating that equity
partners had been asked to contribute an average of £30,000 each of
fresh capital, equating to around £11m, to help fund it. A&O’s restructuring was guided by a series of principles set out by senior partner David Morley, who told staff that
A&O had considered alternatives such as reduced hours, reduced pay,
sabbaticals, secondments and trainee deferrals, but concluded that none
of the methods would deliver the appropriate level of cost savings
required.

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