Magic circle firms have plunged down the rankings of US associates’ satisfaction levels compiled by Legal Week ’s sister title The American Lawyer.

Allen & Overy is now the only UK firm to feature within the top 40, sitting at number 35 in the rankings. However, it has still dropped 10 places from last year.

Clifford Chance (CC) has taken the worst hit, dropping 52 places down to number 81 in the table from 29 last year. The ranking comes after CC’s New York office laid off six structured finance associates last November, becoming one of the first major players to demonstrate the impact of the credit crunch.

Linklaters has also seen a significant fall in its associate satisfaction rates, with the firm sitting at 88, compared with 49 last year.

The rankings were compiled by surveying mid-level associates in the US, across 12 different areas. These included relations with partners and other associates, satisfaction levels with work and training, compensation and benefits, and management openness with firm strategy and partnership opportunities.

The The American Lawyer is a US sister title of Legal Week.