Equity partners at one of London’s elite law firms have taken an average £130,000 pay cut amid concern that City practices are facing “challenging market conditions”.
The average 6 per cent drop in pay for the top lawyers at Allen & Overy came weeks after the firm unveiled a planned merger with Shearman & Sterling, a New York firm.
As it announced its results for the year to April 30, Allen & Overy revealed that average pay for partners who have a full slice of equity in the firm would drop from £1.95 million to £1.82 million.
The firm also announced the unexpected resignation of its global managing partner, Gareth Price, after three years in the post. This was said to be for “personal
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