Exclusive: Top Linklaters partners demoted in night of long knives
17 February 2012
The much anticipated blood letting amongst Linklaters'
partners has begun, with some serious casualties.
Insiders say that the partners have now been told who is going and who is staying. Although insiders say that all the groups are being re-structured and partners are being moved around in a bid to disguise what's going on. However it seems clear there some big names have been hit, including one of the firm's star Corporate partners who is being de-equitised.
None of this is a huge surprise as the firm is seen as top heavy in London with around 200 partners, some 35 of which are expected to get their collars felt. But it has gone down incredibly badly, and Managing Partner Simon Davies is feeling the full force of his partners' anger.
Davies stood for re-election in a wonderfully Stalinist single candidate election, but despite the lack of any opposition he has failed to win the "contest". Linklaters' partnership deed states that if there is a significant proportion of "no" votes or abstensions in an electronic vote then a full meeting has to be called. Davies couldn't muster enough support at first attempt, and so a physical meeting is now being convened. One Linklaters source suggests that there are concerns as to whether the firm will be able to muster a quorum for this - "an increasingly difficult task given the international nature of the partnership
". It's all jolly embarrassing.
||A Linklaters' partner voting yesterday
A spokesman for the firm wouldn't comment on the first round of voting, and would only say that "we're in the process of implementing the firm's Managing Partner appointment. It is expected to be conducted at the firm's annual partners' meeting in April