Is that daylight or an oncoming train at the end of the tunnel?
According to today's Times newspaper, Allen & Overy is planning to shed 450 jobs (including about 240 partners and fee earners) or about 9% of its total workforce by 30th April. The firm is also seeking to raise a further £11milion in working capital from equity partners. We'd estimate this means the total number of UK lawyers to have lost their jobs since the start of the recession is now approaching the 3000 mark.
Not sure how the current situation will impact upon the long delayed Elite 3E implementation at A&O however over the last couple of weeks we've been detecting some quite desperate measures by law firm services departments to save even a few pounds here and there. We're also hearing of firms where departments are trying to reallocate responsibilities to other departments in an attempt to protect their budgets. Apparently digital dictation (DDS) is one area where IT departments are now suggesting this should be reallocated back to the offices services departments – despite having spent the previous couple of years arguing DDS is a strategic technology because of its integration with DMS.