Allen & Overy to axe 247 lawyers

The legal bloodletting continues. Allen Overy is slashing 247 associates and partners and 100 support staff, almost 10 per cent of its global workforce. A total of 47 partners and will lose their jobs. Remaining partners will be asked to inject around £30,000 of fresh capital. The firm is also freezing salaries and billing rates at 2008 levels.