Cutbacks at law firms continue, with the latest, Allen & Overy, Britain's fourth-largest law firm, announcing plans to cut 450 jobs at a cost of £44m.

The 'magic circle' firm told staff it would reduce the headcount by 9% by the end of its financial year on 30 April. That means 47 partners and almost 200 rank-and-file fee-earners will lose their jobs, roughly half of them in London, with a similar number of support staff going, says a report in The Times. It adds that a further 35 partners will be forced to accept a reduced share of equity. Remaining partners will be asked to inject an average of £30 000 to raise the firm's working capital by £11m.
Full report in The Times