CC partnership restructuring capped at 15%

Management secured the 75% partner backing needed to push ahead with its restructuring programme after proposing that no more than 15% of the firm's partners worldwide will be removed as part of the scheme.

The firm had 613 partners at year-end 2008, which could equate to up to 92 partners across equity and salaried ranks being cut, though the level of cuts could be lower.

Those partners affected by the decision are expected to learn their fate by the beginning of May. Senior CC lawyers told Legal Week that the firm will not accept partners volunteering to leave in a bid to retain top-level talent.

One partner told Legal Week: "We've voted now but no-one knows where the axe will fall. It's a bit like turkeys waiting for Christmas. People are feeling nervous."

With the partner vote now secured CC's management is in the process of identifying practice areas, offices and individuals likely to be affected, with some predicting that the firm's US practice will come under scrutiny.

The firm has already announced three rounds of US associate job cuts in the last 18 months as well one set of support staff redundancies, with another on the way. However, a CC spokesperson said the firm remained committed to the US.

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