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Perspective

Apr. 7, 2009

Partners: They're What's for Dinner

The recession has already forced at least one firm to resort to the cost-cutting equivalent of cannibalism.

By Edwin Reeser

Cost cutting is not enough to resolve the operating model problem of BigLaw, as demonstrated by the partners at Clifford Chance voting to throw at least 10 percent of their own on the dinner table.

The situation as communicated by leadership was dire enough that more than the required two-thirds partners saw it in their urgent self interest to forcibly eject so many comrades from the firm. The precedent of a U.K. "Magic Circle" firm adopting such...

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