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Clifford Chance Lays Off Six Structured Finance Associates
In one of the first clear signs that slumping credit markets are causing economic pain at law firms, Clifford Chance on Monday laid off a group of associates in the structured finance area. The six associates, all relatively senior, were in a practice group that worked exclusively for credit rating agency Standard & Poor's, reviewing documentation S&P used to rate mortgage-backed securities. Said one Clifford Chance partner, "We concluded this work just wasn't coming back."