LAWFUEL – The Law News Wire – The cost of Freshfields Bruckhaus Deringer’s restructuring has topped £55m, nearly 40 per cent more than was budgeted, The Lawyer reports from London.
The final price of the restructuring stood at £55m at the end of the 2006-07 financial year, rather than the £40m that had been forecast by the firm’s management.
It is understood that the £15m excess came in the last few weeks before books closed on the financial year, when the magic circle firm saw at least 13 partners leave, including six in London.
Freshfields declined to comment, but The Lawyer understands that until March the firm was on course to keep to its £40m restructuring budget. Severance packages for departing partners in the last month pushed up the costs unexpectedly.