Clifford Chance to save £40m as Childs wields axe on costs

Griffiths, Catrin
December 2004
Lawyer;12/13/2004, Vol. 18 Issue 48, p1
Trade Publication
This article reports that Clifford Chance LLP's aggressive cost-cutting drive is set to yield a massive saving of 40m pound next year, 15 m pound more than originally predicted by chief operating officer (COO) David Childs. The saving represents some 100,000 pound extra profit per equity partner (PEP) over the next two years. The magic circle firm's ferocious push on costs has included centralising all the internal business services, including HR, IT, property management and global procurement and will undoubtedly mean some redundancies among support staff.


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